Page 1

News Release | April 14 , 2021 WELLS Wells Fargo Reports First Quarter 2021 Net Income FARGO 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 Noninterest expense Provision for credit losses Net income Diluted earnings per common share Quarter ended ° Mar 31 , 2021 Mar 31 , 2020 $ 18,063 17,717 13,989 13,048 ( 1,048 ) 4,005 4,742 653 1.05 0.01 Operating Segments and Other Highlights 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 Selected Balance Sheet Data ( $ in billions ) Average loans $ 873.4 Average deposits CET1¹ 1,393.5 11.8 % 965.0 1,338.0 ° Total client assets of $ 2.1 trillion , up 28 % о Average loans of $ 80.8 billion , up 4 % 10.7 ° Average deposits of $ 173.7 billion , up 19 % Capital Performance Metrics ROE² ROTCE³ First quarter 2021 results included : 10.6 % 0.1 12.7 0.1 Repurchased 17.2 million shares , or $ 596 million , of common stock in first quarter 2021 ° $ 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 . 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 . Return on equity ( ROE ) represents Wells Fargo net income ( loss ) applicable to common stock divided by average common stockholders ' equity . 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 .