Wells Fargo & Company · NYSE:WFC

Wells Fargo & — Q3 2025 Earnings Presentation

33 slides from Wells Fargo &'s earnings presentation, Oct 14, 2025

Slide 3: Wells Fargo is a U.S. focused bank and benefits from the strength of the U.S. economy
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. ~$30T companies operating globally and global companies operating in the U.S. GDP1 2
Slide 4: Scale matters and we have it in all of our businesses
Scale matters and we have it in all of our businesses 2024 Average Average Revenue Loans Deposits Select Metrics Consumer Banking and $36B $325B $775B #3 4,108 >32MM ~$50B Deposit Branches Mobile Active Lending (CBL)1 Share (#2 Rank) Customers Credit Card Loans Wealth and Investment >$2T #3 #4 Manag
Slide 5: We simplified our businesses to better serve our customers
We simplified our businesses to better serve our customers and improve our earnings profile Business Sales, Exits and Reductions Key Investments • Sold (2019-2025) Investments in bankers and marketing, expanded – Institutional Retirement & Trust CBL Credit Card offerings, refurbishment of branch – R
Slide 6: We have made progress diversifying our revenue mix
We have made progress diversifying our revenue mix and growing fee income streams 2025 YTD 6% 11 card launches since 2021 19% Invested in senior talent Improved capabilities and 2% infrastructure Reduced attrition through improved 5% offerings and advisor experience Mortgage business focused primari
Slide 7: We have made significant progress on reducing expenses
We have made significant progress on reducing expenses Professional and Noninterest Expense ($B) Headcount (000's) Outside Services Expense ($B) (6%) (~24%) (31%) 58.2 54.6 276 6.7 211 4.6 2019 2024 2Q20 3Q25 2019 2024 Gross Expense Saves ($B) Non-Branch Real Estate 4.2 ~$15B 3.3 2.4 2.4 ~2.4 (26%)
Slide 8: We have made progress improving returns
We have made progress improving returns, with a goal to achieve best in class returns for each segment over time CBL WIM Return on Tangible Common Equity (ROTCE) Progress 1 15% 2024 Best in Class2 2024 Best in Class2 8% CB CIB 4Q20 2025 YTD 2024 Best in Class2 2024 Best in Class 2 Return on Equity (
Slide 9: Removal of asset cap provides additional opportunities for growth
Removal of asset cap provides additional opportunities for growth Consumer Banking and Lending & Commercial Banking & Wealth and Investment Management Corporate and Investment Banking YTD Checking YTD Credit Card YTD Net Investment Trading-Related Assets ($B) U.S. Investment Account Opens New Accoun
Slide 10: We are now targeting a 17-18% ROTCE
We are now targeting a 17-18% ROTCE; managing CET1 ratio down to 10 -10.5% ROTCE1 Progress on Higher Returns • In 4Q20 we laid out a path to generate higher returns and have 17 - 18% made significant progress on this goal • We believe we have additional opportunities to improve our 15% 15% returns a
Slide 11: We are a different company today than we were five years ago
We are a different company today than we were five years ago and have significant opportunities ahead Substantial progress since 2019... …with opportunities ahead Risk and 13 Built appropriate risk and Maintain risk and control infrastructure Maintain risk and control infrastructure Control Consent
Slide 13: 3Q25 results
3Q25 results • 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% Financial Results – Net interest income of $12.0 billion, up 2% – Noninterest income of $9.5 billion, up 9% ROE: 12.8
Slide 14: 3Q25 earnings
3Q25 earnings Quarter ended $ Change from $ in millions, except per share data 3Q25 2Q25 3Q24 2Q25 3Q24 Net interest income $11,950 11,708 11,690 $242 260 Noninterest income 9,486 9,114 8,676 372 810 Total revenue 21,436 20,822 20,366 614 1,070 Net charge-offs 954 997 1,111 (43) (157) Change in the
Slide 15: Net interest income
Net interest income Net Interest Income ($ in millions) • Net interest income up $260 million, or 2%, from 3Q24 driven by fixed rate asset repricing, improved results in our Markets business, and higher investment securities and loan balances, partially offset by deposit mix changes 11,690 11,836 11
Slide 16: Loans and deposits
Loans and deposits Average Loans Outstanding ($ in billions) Average Deposits ($ in billions) 1,341.7 1,353.8 1,339.3 1,331.7 1,339.9 910.3 906.4 908.2 916.7 928.7 92.6 72.5 50.5 46.3 55.1 108.0 118.3 123.4 123.6 127.4 Corporate 379.6 375.0 373.4 376.3 194.3 205.1 203.9 202.4 204.1 Wealth and 378.1
Slide 17: Noninterest income
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 9,486 6%, driven by higher asset-based fees reflecting higher market valuations 9,114 – Investment banking fees up $1
Slide 18: Noninterest expense
Noninterest expense Noninterest Expense ($ in millions) • Noninterest expense up $779 million, or 6%, from 3Q24 – Personnel expense up $430 million driven by $296 million of severance expense, as well as higher revenue-related compensation expense predominantly in Wealth and Investment Management, p
Slide 19: Credit quality: net loan charge-offs
Credit quality: net loan charge-offs Provision for Credit Losses1 and Net Loan Charge-offs ($ in millions) • Commercial net loan charge-offs up $3 million to 18 bps of average loans (annualized) as higher commercial real estate (CRE) and lease financing net loan charge-offs were largely offset by lo
Slide 20: Credit quality: allowance for credit losses for loans
Credit quality: allowance for credit losses for loans Allowance for Credit Losses for Loans ($ 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 & i
Slide 21: Capital and liquidity
Capital and liquidity Common Equity Tier 1 Ratio under the Standardized Approach1 Capital Position • Common Equity Tier 1 (CET1) ratio1 of 11.0% at September 30, 2025 11.3% • CET1 ratio down 36 bps from 3Q24 and down 15 bps from 2Q25 11.1% 11.1% 11.1% 11.0% – As of 10/1/25, the Company's stress capi
Slide 22: Consumer Banking and Lending (CBL)
Consumer Banking and Lending (CBL) Summary Financials • Total revenue up 6% YoY and up 5% from 2Q25 $ in millions (mm) 3Q25 vs. 2Q25 vs. 3Q24 – CSBB up 6% YoY driven by lower deposit pricing and higher deposit and Revenue by line of business: loan balances, including the impact of the transfer of ce
Slide 23: Commercial Banking (CB)
Commercial Banking (CB) Summary Financials • Total revenue down 9% YoY and up 4% from 2Q25 $ in millions 3Q25 vs. 2Q25 vs. 3Q24 – Net interest income down 15% YoY and 2% from 2Q25 driven by the impact Net interest income $1,949 ($34) (340) of lower interest rates and lower deposit and loan balances,
Slide 24: Corporate and Investment Banking (CIB)
Corporate and Investment Banking (CIB) Summary Financials • Total revenue down 1% YoY and up 4% from 2Q25 $ in millions 3Q25 vs. 2Q25 vs. 3Q24 Revenue by line of business: – Banking revenue up 1% YoY on higher investment banking revenue; up 9% from 2Q25 on higher investment banking revenue and highe
Slide 25: Wealth and Investment Management (WIM)
Wealth and Investment Management (WIM) Summary Financials • Total revenue up 8% YoY and up 8% from 2Q25 $ in millions 3Q25 vs. 2Q25 vs. 3Q24 – Net interest income up 16% YoY and up 9% from 2Q25 driven by lower Net interest income $974 $83 132 deposit pricing and higher deposit and loan balances Noni
Slide 26: Corporate
Corporate Summary Financials • Revenue increased YoY as 3Q24 included $447 million of net losses on debt $ in millions 3Q25 vs. 2Q25 vs. 3Q24 securities due to a repositioning of the investment securities portfolio Net interest income ($273) ($170) 142 Noninterest income 449 (213) 371 • Noninterest
Slide 27: Outlook
Outlook Expect 2025 net interest income (NII) to be roughly in line with 2024 NII of $47.7 billion, unchanged from prior guidance Net Interest • Expect 4Q25 net interest income to be ~$12.4-$12.5 billion Income • Net interest income performance will ultimately be determined by a variety of factors,
Slide 28: Endnotes: Firm Update
Endnotes: Firm Update Page 3 – Wells Fargo is a U.S. focused bank and benefits from the strength of the U.S. economy 1. Based on U.S. Bureau of Economic Analysis and U.S. Census Bureau data. Nominal GDP as of 2Q25 and Real GDP growth is a 3-year CAGR 2Q22-2Q25. 2. Based on the Wilshire 5000 Total Ma
Slide 29: Endnotes: Financial Results
Endnotes: Financial Results Page 13 – 3Q25 results 1. Tangible common equity and return on average tangible common equity (ROTCE) are non-GAAP financial measures. For additional information, including a corresponding reconciliation to GAAP financial measures, see the “Tangible Common Equity” table o
Slide 30: Endnotes (continued): Financial Results
Endnotes (continued): Financial Results Page 19 – Credit quality: net loan charge-offs 1. Includes provision for credit losses for loans, debt securities, and other financial assets. Page 21 – Capital and liquidity 1. The Common Equity Tier 1 (CET1) ratio calculated under the Standardized Approach i
Slide 31: Tangible Common Equity
Tangible Common Equity Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY We also evaluate our business based on certain ratios that utilize tangible common equity. Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling int
Slide 32: Common Equity Tier 1 under Basel III
Common Equity Tier 1 under Basel III Wells Fargo & Company and Subsidiaries RISK-BASED CAPITAL RATIOS UNDER BASEL III1 Estimated Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, ($ in billions) 2025 2025 2025 2024 2024 Total equity $183.0 183.0 182.9 181.1 185.0 Adjustments: Preferred stock (16.6) (16.6) (18
Slide 33: Disclaimer and forward-looking statements
Disclaimer and forward-looking statements 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 September 30, 2025, and may differ materially from the results and disclosu

Wells Fargo & Company — Q3 2025 Earnings Presentation on 6ix

Wells Fargo & — Q3 2025 Earnings Presentation

Slide 1: 3Q25 Presentation

Slide 2: Firm Update

Slide 3: Wells Fargo is a U.S. focused bank and benefits from the strength of the U.S. economy

Slide 4: Scale matters and we have it in all of our businesses

Slide 5: We simplified our businesses to better serve our customers

Slide 6: We have made progress diversifying our revenue mix

Slide 7: We have made significant progress on reducing expenses

Slide 8: We have made progress improving returns

Slide 9: Removal of asset cap provides additional opportunities for growth

Slide 10: We are now targeting a 17-18% ROTCE

Slide 11: We are a different company today than we were five years ago

Slide 12: 3Q25 Financial Results

Slide 13: 3Q25 results

Slide 14: 3Q25 earnings

Slide 15: Net interest income

Slide 16: Loans and deposits

Slide 17: Noninterest income

Slide 18: Noninterest expense

Slide 19: Credit quality: net loan charge-offs

Slide 20: Credit quality: allowance for credit losses for loans

Slide 21: Capital and liquidity

Slide 22: Consumer Banking and Lending (CBL)

Slide 23: Commercial Banking (CB)

Slide 24: Corporate and Investment Banking (CIB)

Slide 25: Wealth and Investment Management (WIM)

Slide 26: Corporate

Slide 27: Outlook

Slide 28: Endnotes: Firm Update

Slide 29: Endnotes: Financial Results

Slide 30: Endnotes (continued): Financial Results

Slide 31: Tangible Common Equity

Slide 32: Common Equity Tier 1 under Basel III

Slide 33: Disclaimer and forward-looking statements