News Release April14, 2021|
Wells Fargo Reports First Quarter 2021 Net Income
of $4.7 billion, or $1.05 per Diluted Share
Company-wide Financial Summary
Selected Income Statement Data
($ in millions except per share amounts)
Total revenue $ 18,063 17,717
Noninterest expense 13,989 13,048
Provision for credit losses (1,048) 4,005
Net income 4,742 653
Diluted earnings per
common share 1.05 0.01
Selected Balance Sheet Data ($ in billions)
Quarter ended
Mar 31, Mar 31,
2021 2020
Average loans
Average deposits
CET1
1
$ 873.4
1,393.5
11.8%
965.0
1,338.0
10.7
Performance Metrics
ROE
2
ROTCE
3
10.6%
12.7
0.1
0.1
Operating Segments and Other Highlights
4
Consumer Banking and Lending
◦ Average loans of $353.1 billion, down 8%
◦ Average deposits of $789.4 billion, up 21%
Commercial Banking
◦ Average loans of $183.1 billion, down 19%
◦ Average deposits of $208.0 billion, up 8%
Corporate and Investment Banking
◦ Average loans of $246.1 billion, down 5%
◦ Average trading-related assets of $197.4 billion, down
14%
◦ Average deposits of $194.5 billion, down 27%
Wealth and Investment Management
◦ Total client assets of $2.1 trillion, up 28%
◦ Average loans of $80.8 billion, up 4%
◦ Average deposits of $173.7 billion, up 19%
Capital
◦ Repurchased 17.2million shares, or $596million, of
common stock in first quarter 2021
First quarter 2021 results included:
◦ $1.6 billion, or $0.28 per share, decrease in the allowance for credit losses
◦ $208million gain on the sale of student loans and $104million write-down of related goodwill (net impact of $0.02per
share)
Chief Executive Officer Charlie Scharf commented on the quarter, “Our results for the quarter, which included a
$1.6billion pre-tax reduction in the allowance for credit losses, reflected an improving U.S. economy, continued focus on
our strategic priorities, and ongoing support for our customers and our communities. Charge-offs are at historic lows and
we are making changes to improve our operations and efficiency, but low interest rates and tepid loan demand continued
to be a headwind for us in the quarter.”
“We are keenly focused on the priorities I outlined last quarter. Our work to build the appropriate risk and control
environment remains our top priority. This is a multiyear effort and there is still much to do, but I am confident we are
making progress, though it is not always a straight line. We are steadfast in our commitment to do this work which should
ultimately satisfy our regulatory obligations,” Scharf added.
“We are also moving forward with our commitment to simplify the company and focus our resources on our core
customers. We announced sales of our Asset Management and Corporate Trust businesses in the quarter and we are
increasing resources dedicated to initiatives to help drive growth in our core franchises,” Scharf continued.
“We have asked so much of the entire Wells Fargo team and I am proud of all the work they have done to support our
customers and the communities we serve. We will continue to do all we can to support an equitable recovery and work to
help those most in need of our support,” Scharf concluded.
1
Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 24-25 of
the 1Q21 Quarterly Supplement for more information on CET1. CET1 is a preliminary estimate.
2
Return on equity (ROE) represents Wells Fargo net income (loss) applicable to common stock divided by average common stockholders’ equity.
3
Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding
reconciliation to GAAP financial measures, see the “Tangible Common Equity” tables on pages 22-23 of the 1Q21 Quarterly Supplement.
4
Comparisons in the bullet points are for first quarter 2021 versus first quarter 2020, unless otherwise specified.
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 March 31, 2021, and may differ materially from the results and disclosures in this document due to, among other things, the completion of
final review procedures, the occurrence of subsequent events, or the discovery of additional information.
Selected Company-wide Financial Information
Earnings ($ in millions except per share amounts)
Net interest income
Noninterest income
Total revenue
Net charge-offs
Change in the allowance for credit losses
Provision for credit losses
Noninterest expense
Income tax expense
$
Mar 31,
2021
8,798
9,265
18,063
523
(1,571)
(1,048)
13,989
326
Quarter ended
Dec 31, Mar 31,
2020 2020
9,275 11,312
8,650 6,405
17,925 17,717
584 941
(763) 3,064
(179) 4,005
14,802 13,048
108 159
Mar 31, 2021
% Change from
Dec 31, Mar 31,
2020 2020
(5)% (22)
7 45
1 2
(10) (44)
NM NM
NM NM
(5) 7
202 105
Wells Fargo net income
Diluted earnings per common share
$ 4,742
1.05
2,992
0.64
653
0.01
58
64
626
NM
Balance Sheet Data (average) ($ in billions)
Loans
Deposits
Assets
$ 873.4
1,393.5
1,936.7
899.7
1,380.1
1,926.9
965.0
1,338.0
1,950.7
(3)
1
1
(9)
4
(1)
Financial Ratios
Return on assets (ROA)
Return on equity (ROE)
Return on average tangible common equity (ROTCE) (a)
Efficiency ratio (b)
Net interest margin on a taxable-equivalent basis
0.99 %
10.6
12.7
77
2.05
0.62
6.4
7.7
83
2.13
0.13
0.1
0.1
74
2.58
NM – Not meaningful
(a) Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial
measures, see the “Tangible Common Equity” tables on pages 22-23 of the 1Q21 Quarterly Supplement.
(b) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
First Quarter 2021 vs. First Quarter 2020
◦ Net interest income decreased 22%, primarily due to the impact of lower interest rates, which drove a repricing of the
balance sheet, lower loan balances primarily due to soft demand and elevated prepayments, as well as unfavorable hedge
ineffectiveness accounting results, and higher mortgage-backed securities premium amortization
◦ Noninterest income increased 45%, as first quarter 2020 included securities impairments and lower deferred
compensation plan investment results primarily due to lower market valuations driven by the COVID-19 pandemic. First
quarter 2021 included stronger mortgage production results, improved trading and higher investment banking fees, and
higher asset-based fees in Wealth and Investment Management, partially offset by lower gains on loan sales and lower
deposit fees in Consumer and Small Business Banking
◦ Noninterest expense increased 7%, as first quarter 2020 included the impact of lower deferred compensation plan
expense. First quarter 2021 included higher incentive and revenue-related compensation, including the impact of higher
market valuations on stock-based compensation, which was partially offset by lower operating losses and efficiency
initiatives to reduce spend on consultants and contractors
◦ Provision for credit losses decreased $5.1 billion. First quarter 2021 included a $1.6 billion decrease in the allowance for
credit losses due to continued improvements in the economic environment and lower net charge-offs, while first quarter
2020 included a $3.1 billion increase in the allowance for credit losses
-2-
Selected Company-wide Capital and Liquidity Information
($ in billions)
Capital:
Total equity
Common stockholders’ equity
Tangible common equity (a)
CET1 (b)
Total loss absorbing capacity (TLAC) (c)
$
Mar 31,
2021
188.3
167.1
139.0
11.8 %
25.2
Quarter ended
Dec 31, Mar 31,
2020 2020
185.9 183.3
164.8 162.7
136.9 134.8
11.6 10.7
25.7 23.3
Liquidity:
LCR (d) 127 133 121
(a) Tangible common equity and return on average tangible common equity are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial
measures, see the “Tangible Common Equity” tables on pages 22-23 of the 1Q21 Quarterly Supplement.
(b) Represents the lower of our Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach and under the Advanced Approach. See tables on pages 24-25 of the 1Q21 Quarterly
Supplement for more information on CET1. CET1 is a preliminary estimate.
(c) TLAC is a preliminary estimate.
(d) 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.
Selected Company-wide Credit Information
($ in millions)
Net charge-offs
Net loan charge-offs as a % of average total loans (annualized)
$
Mar 31,
2021
523
0.24 %
Quarter ended
Dec 31, Mar 31,
2020 2020
584 941
0.26 0.38
Total nonaccrual loans
As a % of total loans
Total nonperforming assets
As a % of total loans
$
$
8,055
0.93 %
8,195
0.95 %
8,728
0.98
8,887
1.00
6,156
0.61
6,408
0.63
Allowance for credit losses for loans
As a % of total loans
$ 18,043
2.09 %
19,713
2.22
12,022
1.19
First Quarter 2021 vs. Fourth Quarter 2020
◦ Net loan charge-offs remained low in both our commercial and consumer portfolios. Commercial net loan charge-offs as
a percentage of average loans was 0.13% (annualized), down from 0.26%, while the consumer net loan charge-off rate
was 0.37% (annualized), up from 0.26%
◦ Nonperforming assets decreased 8%. Nonaccrual loans decreased $673 million primarily due to decreases in the energy,
commercial real estate, and residential mortgage portfolios
-3-
Business Segment Performance
Consumer Banking and Lending offers diversified financial products and services for consumers and small businesses with
annual sales generally up to $5 million. These financial products and services include checking and savings accounts, credit
and debit cards, as well as home, auto, personal, and small business lending.
Selected Financial Information
Earnings (in millions)
Consumer and Small Business Banking
Consumer Lending:
Home Lending
Credit Card
Auto
Personal Lending
Total revenue
Provision for credit losses
Noninterest expense
$
Mar 31,
2021
4,550
2,227
1,346
403
128
8,654
(419)
6,267
Dec 31,
2020
4,701
1,995
1,372
403
142
8,613
351
6,441
Quarter ended
Mar 31,
2020
4,861
1,876
1,375
380
157
8,649
1,569
6,257
Mar 31, 2021
% Change from
Dec 31, Mar 31,
2020 2020
(3)% (6)
12 19
(2) (2)
— 6
(10) (18)
— —
NM NM
(3) —
Net income $ 2,104 1,364 618 54 240
Average balances (in billions)
Loans
Deposits
$ 353.1
789.4
373.9
763.2
382.6
652.7
(6)
3
(8)
21
NM – Not meaningful
First Quarter 2021 vs. First Quarter 2020
◦ Revenue was flat
▪ Consumer and Small Business Banking was down 6% primarily due to the impact of lower interest rates and lower
deposit-related fees due to higher average checking account balances and higher COVID-19 related fee waivers
▪ Home Lending was up 19% as higher retail mortgage originations and a higher gain on sale margin were partially offset
by lower gains on loan portfolio sales and lower net interest income primarily driven by lower loan balances
▪ Credit Card was down 2% primarily driven by lower balances on elevated payment rates
▪ Auto was up 6% on higher net interest income, while Personal Lending was down 18% driven by lower loan balances
◦ Noninterest expense was flat as higher revenue-related expense in Home Lending and investments in operations and
technology were offset by lower operating losses and lower branch staffing expense due to efficiency initiatives, as well
as a decline in advertising expense
-4-
Commercial Banking provides financial solutions to private, family owned and certain public companies. Products and
services include banking and credit products across multiple industry sectors and municipalities, secured lending and lease
products, and treasury management. In March 2021, we announced an agreement to sell our Corporate Trust Services
business and expect to move the business from the Commercial Banking operating segment to Corporate in second
quarter 2021.
Selected Financial Information
Earnings (in millions)
Middle Market Banking
Asset-Based Lending and Leasing
Other
Total revenue
Provision for credit losses
Noninterest expense
$
Mar 31,
2021
1,159
898
151
2,208
(399)
1,766
Dec 31,
2020
1,149
1,029
210
2,388
69
1,690
Quarter ended
Mar 31,
2020
1,455
843
204
2,502
1,041
1,697
Mar 31, 2021
% Change from
Dec 31, Mar 31,
2020 2020
1 % (20)
(13) 7
(28) (26)
(8) (12)
NM NM
4 4
Net income (loss) $ 637 473 (176) 35 462
Average balances (in billions)
Loans
Deposits
$ 183.1
208.0
190.9
203.6
224.9
193.5
(4)
2
(19)
8
NM – Not meaningful
First Quarter 2021 vs. First Quarter 2020
◦ Revenue decreased 12%
▪ Middle Market Banking was down 20% primarily due to the impact of lower interest rates, as well as lower loan
balances due to reduced client demand and line utilization
▪ Asset-Based Lending and Leasing was up 7% as first quarter 2020 included equity securities impairments primarily due
to lower market valuations. This was partially offset by lower net interest income in first quarter 2021 from lower loan
balances on reduced demand and line utilization
◦ Noninterest expense increased 4% primarily driven by higher technology expense, partially offset by lower headcount
and consulting expense related to efficiency initiatives
-5-
Corporate and Investment Banking delivers a suite of capital markets, banking and financial products and services to
corporate, commercial real estate, government and institutional clients globally. Products and services include corporate
banking, investment banking, treasury management, commercial real estate lending and servicing, equity and fixed income
solutions, as well as sales, trading, and research capabilities.
Selected Financial Information
Quarter ended
Mar 31, 2021
% Change from
Mar 31,
2021
Dec 31,
2020
Mar 31,
2020
Dec 31, Mar 31,
2020 2020
Earnings (in millions)
Banking:
Lending $ 453 424 457 7 % (1)
Treasury Management and Payments 370 384 498 (4) (26)
Investment Banking 416 348 361 20 15
Total Banking 1,239 1,156 1,316 7 (6)
Commercial Real Estate 931 964 883 (3) 5
Markets:
Fixed Income, Currencies, and Commodities (FICC) 1,144 889 914 29 25
Equities 252 194 396 30 (36)
Credit Adjustment (CVA/DVA) and Other 36 (67) (108) 154 133
Total Markets 1,432 1,016 1,202 41 19
Other 21 (30) (13) 170 262
Total revenue 3,623 3,106 3,388 17 7
Provision for credit losses (284) 186 1,125 NM NM
Noninterest expense 1,833 1,798 1,870 2 (2)
Net income $ 1,574 841 292 87 439
Average balances (in billions)
Loans $ 246.1 239.8 258.2 3 (5)
Deposits 194.5 205.8 266.2 (5) (27)
NM – Not meaningful
First Quarter 2021 vs. First Quarter 2020
◦ Revenue increased 7%
▪ Banking was down 6% primarily driven by the impact of lower interest rates and lower deposit balances predominantly
due to actions taken to manage under the asset cap, partially offset by higher advisory fees and equity and debt
origination fees
▪ Commercial Real Estate was up 5% primarily driven by higher commercial mortgage-backed securities gain on sale
margins and improved results in the low income housing business, partially offset by the impact of lower interest rates
▪ Markets was up 19% on increased client demand for asset-backed finance products, other credit products and
municipal bonds, partially offset by lower demand for rates products and lower revenue in equities and commodities
◦ Noninterest expense decreased 2% primarily driven by lower operating losses, partially offset by higher revenue-related
compensation
-6-
Wealth and Investment Management provides personalized wealth management, investment and retirement products
and services to clients across U.S.-based businesses including Wells Fargo Advisors and The Private Bank. We serve clients’
brokerage needs, and deliver financial planning, private banking, credit and fiduciary services to high-net worth and ultra-
high-net worth individuals and families. In February 2021, we announced an agreement to sell Wells Fargo Asset
Management and moved the business from the Wealth and Investment Management operating segment to Corporate.
Prior period balances have been revised to conform with the current period presentation.
Selected Financial Information
Earnings (in millions)
Net interest income
Noninterest income
Total revenue
Provision for credit losses
Noninterest expense
Net income
$
$
Mar 31,
2021
657
2,887
3,544
(43)
3,028
419
Dec 31,
2020
714
2,733
3,447
(4)
2,770
510
Quarter ended
Mar 31,
2020
838
2,432
3,270
8
2,657
453
Mar 31, 2021
% Change from
Dec 31, Mar 31,
2020 2020
(8)% (22)
6 19
3 8
NM NM
9 14
(18) (8)
Total client assets (in billions) 2,062 2,005 1,611 3 28
Average balances (in billions)
Loans
Deposits
$ 80.8
173.7
80.1
169.8
77.9
145.4
1
2
4
19
NM – Not meaningful
First Quarter 2021 vs. First Quarter 2020
◦ Revenue increased 8%, as first quarter 2021 included higher asset-based fees, partially offset by lower net interest
income as a result of lower interest rates. Additionally, first quarter 2020 included lower deferred compensation plan
investment results
◦ Noninterest expense increased 14%, as first quarter 2021 included higher revenue-related compensation. Additionally,
first quarter 2020 included lower deferred compensation plan expense
◦ Total client assets increased 28%, primarily driven by higher market valuations
-7-
Corporate includes corporate treasury and enterprise functions, net of allocations (including funds transfer pricing, capital,
liquidity and certain expenses), in support of the reportable operating segments, as well as our investment portfolio and
affiliated venture capital and private equity partnerships. Corporate also includes certain lines of business that
management has determined are no longer consistent with the long-term strategic goals of the Company, including our
student loan and rail car leasing businesses, as well as results for previously divested businesses. In February 2021, we
announced an agreement to sell Wells Fargo Asset Management and moved the business from the Wealth and Investment
Management operating segment to Corporate. Prior period balances have been revised to conform with the current period
presentation.
Selected Financial Information
Mar 31,
2021
Dec 31,
2020
Quarter ended
Mar 31,
2020
Mar 31, 2021
% Change from
Dec 31, Mar 31,
2020 2020
Earnings (in millions)
Net interest income
Noninterest income
Total revenue
Provision for credit losses
Noninterest expense
$ (430)
1,319
889
97
1,095
(272)
1,589
1,317
(781)
2,103
819
(119)
700
262
567
(58)%
(17)
(32)
112
(48)
NM
NM
27
(63)
93
Net income (loss) $ 8 (196) (534) 104 101
NM – Not meaningful
First Quarter 2021 vs. First Quarter 2020
◦ Revenue increased 27%
▪ Net interest income was down primarily due to the impact of lower interest rates and unfavorable hedge
ineffectiveness accounting results
▪ Noninterest income was up, as first quarter 2020 included equity securities impairments in our affiliated venture
capital and private equity partnerships and lower deferred compensation plan investment results. First quarter 2021
included a gain on the sale of student loans
◦ Noninterest expense increased 93%, as first quarter 2020 included lower deferred compensation plan expense. First
quarter 2021 included higher stock-based compensation on higher market valuations and a $104 million write-down of
goodwill associated with the sale of student loans
Conference Call
The Company will host a live conference call on Wednesday, April 14, at 7:00 a.m. PT (10:00 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://edge.media-server.com/mmc/p/9wej5fnq.
A replay of the conference call will be available from approximately 11:00 a.m. PT (2:00 p.m. ET) on Wednesday,
April 14 through Wednesday, April 28. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and
enter Conference ID: 3298001. The replay will also be available online at
https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and
https://edge.media-server.com/mmc/p/9wej5fnq.
-8-
Forward-Looking Statements
This document contains forward-looking statements. In addition, we may make forward-looking statements in our other
documents filed or furnished with the Securities and Exchange Commission, and our management may make forward-
looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can
be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,”
“projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular,
forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial
performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio;
(iii) future credit quality and performance, including our expectations regarding future loan losses, our allowance for credit
losses, and the economic scenarios considered to develop the allowance; (iv) our expectations regarding net interest
income and net interest margin; (v) loan growth or the reduction or mitigation of risk in our loan portfolios; (vi) future
capital or liquidity levels, ratios or targets; (vii) the performance of our mortgage business and any related exposures;
(viii) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations
regarding compliance therewith; (ix) future common stock dividends, common share repurchases and other uses of capital;
(x) our targeted range for return on assets, return on equity, and return on tangible common equity; (xi) expectations
regarding our effective income tax rate; (xii) the outcome of contingencies, such as legal proceedings; (xiii) environmental,
social and governance related goals or commitments; and (xiv) the Company’s plans, objectives and strategies.
Forward-looking statements are not based on historical facts but instead represent our current expectations and
assumptions regarding our business, the economy and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to
predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution
you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact
nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or
risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-
looking statements include the following, without limitation:
• current and future economic and market conditions, including the effects of declines in housing prices, high
unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and any slowdown in global
economic growth;
• the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on
general economic and financial market conditions;
• our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital
standards) and our ability to generate capital internally or raise capital on favorable terms;
• current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses,
including rules and regulations relating to bank products and financial services;
• developments in our mortgage banking business, including the extent of the success of our mortgage loan
modification efforts, the amount of mortgage loan repurchase demands that we receive, any negative effects relating
to our mortgage servicing, loan modification or foreclosure practices, and the effects of regulatory or judicial
requirements or guidance impacting our mortgage banking business and any changes in industry standards;
• our ability to realize any efficiency ratio or expense target as part of our expense management initiatives, including as a
result of business and economic cyclicality, seasonality, changes in our business composition and operating
environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things,
litigation and regulatory matters;
• the effect of the current interest rate environment or changes in interest rates or in the level or composition of our
assets or liabilities on our net interest income, net interest margin and our mortgage originations, mortgage servicing
rights and mortgage loans held for sale;
• significant turbulence or a disruption in the capital or financial markets, which could result in, among other things,
reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and
declines in asset values and/or recognition of impairments of securities held in our debt securities and equity securities
portfolios;
• the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage
and wealth management businesses;
• negative effects from the retail banking sales practices matter and from 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 employees, and our reputation;
-9-
• 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, 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, 2020, as filed with the Securities and Exchange Commission and
available on its website at www.sec.gov
5
.
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.
5
We do not control this website. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content,
links, privacy policy, or security policy of this website.
-10-
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets
and proudly serves one in three U.S. households and more than 10% of all middle market companies and small businesses
in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer
and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial
Banking, Corporate and Investment Banking, and Wealth and Investment Management. Wells Fargo ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. In the communities we serve, the company focuses its social
impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth,
financial health and a low-carbon economy.
Contact Information
Media
Peter Gilchrist, 704-715-3213
[email protected]
or
Investor Relations
John M. Campbell, 415-396-0523
[email protected]
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