Wells Fargo & Company/Mn (WFC) Economic Moat Analysis—

Preuves

At December 31, 2025, we had assets of approximately $2.1 trillion, loans of $986.2 billion, deposits of $1.4 trillion and stockholders’ equity of $181.1 billion.

Business: year-end assets, deposits and equity · Dépôt 24/02/2026

Many of these competitors enjoy fewer regulatory constraints and some may have lower cost structures.

Competition: regulatory and potential cost advantages of competitors · Dépôt 24/02/2026

The financial services industry is also becoming more competitive as further technological advances and the expansion of a digital economy have enabled non-depository institutions to offer products and services traditionally offered by banks and have enabled financial institutions, technology companies, and others to deliver electronic and internet-based financial solutions, including electronic securities trading, lending, savings, and payment solutions.

Competition: technology-enabled financial services · Dépôt 24/02/2026

Additionally, digital assets and alternative payment methods, such as cryptocurrencies, stablecoins, and tokens, as well as distributed ledger-based payment, clearing, and settlement processes have the potential to reduce reliance on traditional depository institutions and other financial intermediaries, could lead to a reduction in deposits at banks, and could lead to changes in how financial services are accessed, offered, and delivered.

Competition: potential deposit and intermediation displacement · Dépôt 24/02/2026

first half of 2025 Revenue increased driven by: •higher net interest income reflecting wider deposit spreads and higher deposit and loan balances, including the impact of the transfer of certain business customers from the Commercial Banking operating segment in third quarter 2025; •higher deposit-related fees driven by higher volume and higher consumer account deposit service charges driven by account repricing; and •higher card fees driven by higher revenue following our merchant services joint venture acquisition in April 2025; partially offset by: •lower mortgage banking income driven by lower servicing fees due to portfolio run-off and servicing sales, as well as favorable MSR valuation adjustments in the first half of 2025 including adjustments for higher expected escrow balances.

Consumer Banking and Lending: revenue drivers and account repricing · Dépôt 28/07/2026

Capital and Liquidity We maintained a strong capital and liquidity position in the first half of 2026, which included the following: •our Common Equity Tier 1 (CET1) ratio was 10.26% under the Standardized Approach (our binding framework), which continued to exceed the regulatory minimum and buffers of 8.50%; •our total loss absorbing capacity (TLAC) as a percentage of total risk-weighted assets was 22.81%, compared with the regulatory minimum of 21.50%; and •our liquidity coverage ratio (LCR) was 119%, which continued to exceed the regulatory minimum of 100%.

Capital and Liquidity: June regulatory ratios and requirements · Dépôt 28/07/2026

During the first half of 2026, we issued $875 million of common stock, substantially all of which was issued in connection with employee compensation and benefits, and we repurchased 84 million shares of common stock at a cost of $7.1 billion.

Capital Management: actual issuance and repurchases · Dépôt 28/07/2026

We paid $3.3 billion of common and preferred stock dividends during the first half of 2026.

Capital Management: actual common and preferred dividends · Dépôt 28/07/2026

In the first half of 2026, we generated $11.7 billion of net income and diluted EPS of $3.60, compared with $10.4 billion of net income and diluted EPS of $2.98 in the same period a year ago.

Overview: first-half net income · Dépôt 28/07/2026

Technology, telecommunications and equipment expense increased due to higher software expense, as well as higher hardware expense and higher expense for the amortization of internally developed software.

Noninterest Expense: technology spending · Dépôt 28/07/2026

Our maximum exposure to loss included total unfunded equity and lending commitments of $7.9 billion and $7.8 billion at June 30, 2026, and December 31, 2025, respectively.

Variable Interest Entities: unfunded tax-credit investment commitments · Dépôt 28/07/2026

What We Do Incentive compensation is variable and “at-risk”; long-term equity compensation covers multi-year vesting periods Focus on risk management and risk outcomes Overall performance is evaluated through a rigorous performance assessment framework Engage an independent compensation consultant Strong and independent Board oversight through the Board’s HRC Recoupment policies provide for clawback and forfeiture of compensation in appropriate circumstances, including misconduct and risk management failures Stock Ownership Policy includes minimum ownership requirements, a compliance period to reach requirement, and additional holding requirements that extend one year after retirement Year-round engagement with shareholders on executive compensation and governance issues What We Don’t Do No payment of dividends prior to vesting No pledging of Company securities by directors or executive officers under the Board’s Corporate Governance Guidelines No executive employment agreements No tax gross-ups for NEOs No repricing of stock options without shareholder approval No hedging of Company securities by directors, executive officers, or other employees under our Code of Conduct No excessive perquisites for executive officers 2026 Proxy Statement 47 Table of Contents Executive Compensation CEO Special Award Granted to Charles W.

Executive Compensation: ownership, vesting and risk safeguards · Dépôt 18/03/2026

However, because the applicable performance period for each of these awards has not yet been completed, the actual number of 2024 and 2025 PSAs earned will depend on our Company’s level of ROTCE performance and TSR performance over the performance period for each award including reduction for NOL, forfeiture provisions, and compliance with covenants.

Executive Compensation: outstanding performance award conditions · Dépôt 18/03/2026

In addition, following the termination of the asset cap in 2025, the independent directors approved a special equity award with a total grant-date value of approximately $60 million to promote retention and recognize our CEO’s leadership in driving Wells Fargo’s transformation and creating significant shareholder value.

Executive Compensation: approved special CEO equity award · Dépôt 18/03/2026

Compensation Governance In 2025, the HRC eliminated pre-set total compensation targets for our NEOs while leaving unchanged its rigorous, holistic, principles-based evaluation of individual, Company-wide, and, when relevant, business unit performance against pre-established financial and non-financial goals, in an effort to maintain alignment with business priorities and shareholder interests; additional details are provided in the Compensation Discussion and Analysis.

Compensation Governance: removal of preset compensation targets · Dépôt 18/03/2026

I am also pleased to share that in 2025, following ongoing discussion and review, the Board’s independent directors appointed Charlie as Chairman of the Board, and I was named Lead Independent Director.

Board leadership: chairman and lead independent director appointments · Dépôt 18/03/2026

2026 Proxy Statement 105 Table of Contents Shareholder Proposals In addition, each of our Board’s committees (including those committees not required by rules or regulations) is led by, and composed entirely of, independent directors.

Governance: independent board committees · Dépôt 18/03/2026

Under CEO Charlie Scharf’s leadership, the Company has reached key regulatory milestones, including the termination of all outstanding consent orders and the removal of the asset cap that had been in place since 2018.

Board letter: reported consent-order termination and asset-cap removal · Dépôt 18/03/2026

Simplified Business Efficiency Saves Capital Return Substantial progress since 2019… •14 Consent orders terminated •Asset cap removed •Built appropriate risk and control framework •12 Businesses sold or exited •Simplified businesses to focus on core franchise

Transformation summary: regulatory milestones and business exits · Dépôt 18/03/2026

Our interest rate sensitivity indicates that we would expect to benefit from higher interest rates as our assets would reprice faster and to a greater degree than our liabilities, while in the case of lower interest rates, our assets would reprice downward and to a greater degree than our liabilities resulting in lower net interest income.

Asset/Liability Management: directional interest-rate sensitivity · Dépôt 28/07/2026

Total revenue $ 21,870 21,436 Noninterest expense 13,743 13,846 Provision for credit losses1 1,029 681 Net income 5,951 5,589 Diluted earnings per common share 1.87 1.66 Selected Balance Sheet Data ($ in billions) Average loans $ 1,033.4 928.7 Average deposits 1,482.9 1,339.9 CET12 10.0 % 11.0 Performance Metrics ROE3 13.8 % 12.8 ROTCE4 16.3 15.2 Operating Segments and Other Highlights Quarter ended Sep 30, 2026 % Change from ($ in billions) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Average loans Consumer Banking and Lending $ 342.1 1 % 4 Commercial Banking 240.5 1 10 Corporate and Investment Banking 353.4 (2) 19 Wealth and Investment Management 95.4 5 16 Average deposits Consumer Banking and Lending 825.1 — 2 Commercial Banking 198.9 5 16 Corporate and Investment Banking 248.1 6 22 Wealth and Investment Management 108.7 (1) 9 Capital ◦Repurchased 28.6 million shares, or $2.5 billion, of common stock in third quarter 2026

Third-quarter financial summary: earnings, balances and repurchases · Dépôt 13/10/2026

◦Net interest income increased 5%, driven by higher loan and investment securities balances, the impact of lower interest rates and balance sheet growth in our Markets business, and fixed rate asset repricing, partially offset by the impact of lower interest rates on floating rate assets, higher deposit costs reflecting growth in interest-bearing commercial deposits, and a modest decline in noninterest-bearing deposits

Third-quarter net interest income: funding costs and asset repricing · Dépôt 13/10/2026

◦Noninterest expense decreased 1%, driven by the impact of efficiency initiatives, including an 8% reduction in headcount, lower severance expense, and lower lease expense, partially offset by higher revenue-related compensation expense reflecting improved performance and an increase in technology and equipment expense.

Third-quarter expenses: efficiency initiatives and spending · Dépôt 13/10/2026

◦Income tax expense in third quarter 2026 included $170 million of discrete tax benefits related to the resolution of prior period matters 2 Selected Company-wide Capital and Liquidity Information Quarter ended ($ in billions) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Capital: Total equity $ 177.9 182.3 183.0 Common stockholders’ equity 158.8 165.0 164.7 Tangible common equity1 133.4 139.7 139.1 Common Equity Tier 1 (CET1) ratio2 10.0 % 10.3 11.0 Total loss absorbing capacity (TLAC) ratio3 23.0 22.8 24.6 Supplementary Leverage Ratio (SLR)4 5.7 5.8 6.4 Liquidity: Liquidity Coverage Ratio (LCR)5 122 % 119 121 Selected Company-wide Loan Credit Information Quarter ended ($ in millions) Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 Net loan charge-offs $ 983 876 942 Net loan charge-offs as a % of average total loans (annualized) 0.38 % 0.34 0.40 Total nonaccrual loans $ 7,060 7,643 7,614 As a % of total loans 0.67 % 0.74 0.81 Total nonperforming assets $ 7,359 7,944 7,832 As a % of total loans 0.70 % 0.77 0.83 Allowance for credit losses for loans $ 14,458 14,407 14,311 As a % of total loans 1.38 % 1.40 1.52 Third Quarter 2026 vs.

Third-quarter capital, liquidity, credit quality and tax benefit · Dépôt 13/10/2026

◦Commercial net loan charge-offs as a percentage of average loans were 0.18% (annualized), up from 0.10%, driven by higher commercial real estate and commercial and industrial net loan charge-offs.

Credit quality: higher commercial charge-off rate · Dépôt 13/10/2026

◦Revenue decreased driven by lower net interest income due to the impact of lower interest rates on crediting rates to our operating segments, lower results from our venture capital investments, and lower lease income related to the sale of our rail car leasing business.

Corporate: venture investment results and business-sale effects · Dépôt 13/10/2026

Wells Fargo & Company and Subsidiaries SUMMARY FINANCIAL DATA Quarter ended Sep 30, 2026 % Change from Nine months ended (in millions, except ratios and per share amounts) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 % Change Selected Income Statement Data Total revenue $ 21,870 22,622 21,446 21,292 21,436 (3) % 2 $ 65,938 62,407 6 % Noninterest expense 13,743 13,661 14,330 13,726 13,846 1 (1) 41,734 41,116 2 Pre-tax pre-provision profit (PTPP) (1) 8,127 8,961 7,116 7,566 7,590 (9) 7 24,204 21,291 14 Provision for credit losses (2) 1,029 914 1,135 1,040 681 13 51 3,078 5,589 (7) 6 17,611 15,977 10 Wells Fargo net income applicable to common stock 5,703 6,160 5,000 5,114 5,341 (7) 7 16,863 15,171 11 Common Share Data Diluted earnings per common share 1.87 2.00 1.60 1.62 1.66 (6) 13 5.47 4.64 18 Dividends declared per common share 0.50 0.45 0.45 0.45 0.45 11 11 1.40 1.25 12 Common shares outstanding 3,001.6 3,028.5 3,064.3 3,092.6 3,148.9 (1) (5) Average common shares outstanding 3,015.8 3,044.0 3,080.0 3,113.8 3,182.2 (1) (5) 3,046.4 3,231.4 (6) Diluted average common shares outstanding 3,051.5 3,074.6 3,117.7 3,159.0 3,223.5 (1) (5) 3,081.0 3,270.3 (6) Book value per common share (3) $ 52.91 54.48 53.25 53.24 52.30 (3) 1 Tangible book value per common share (3)(4) 44.46 46.13 44.98 45.02 44.18 (4) 1 Selected Equity Data (period-end) Total equity 177,877 182,323 180,313 183,038 183,012 (2) (3) Common stockholders' equity 158,804 164,981 163,188 164,651 164,687 (4) (4) Tangible common equity (4) 133,447 139,703 137,817 139,219 139,119 (4) (4) Performance Ratios Return on average assets (ROA) (5) 1.05 % 1.15 0.98 1.02 1.10 1.06 % 1.09 Return on average equity (ROE) (6) 13.8 15.0 12.2 12.3 12.8 13.7 12.4 Return on average tangible common equity (ROTCE) (4) 16.3 17.7 14.5 14.5 15.2 16.2 14.7 Efficiency ratio (7) 63 60 67 64 65 63 66 Net interest margin on a taxable-equivalent basis 2.43 2.43 2.47 2.60 2.61 2.44 2.65 Average deposit cost 1.56 1.51 1.43 1.44 1.54 1.50 1.55 (1)Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense.

Summary Financial Data: nine-month earnings, shares, margins and deposit costs · Dépôt 13/10/2026

CONSUMER BANKING AND LENDING SEGMENT Quarter ended Sep 30, 2026 % Change from Nine months ended ($ in millions) Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2026 Sep 30, 2025 Sep 30, 2026 Sep 30, 2025 % Change Income Statement Net interest income $ 8,016 7,742 7,551 7,661 7,628 4 % 5 $ 23,309 21,972 6 % Noninterest income: Deposit-related fees 797 747 720 693 698 7 14 2,264 2,002 13 Investment advisory and other asset-based fees 4,093 4,090 4,108 — % (1) Digital active customers (# in millions, period-end) (3) 38.2 38.0 38.1 37.2 37.0 1 3 Mobile active customers (# in millions, period-end) (3) 34.0 33.7 33.5 32.8 32.5 1 5 Consumer, Small and Business Banking: Deposit spread (4) 2.68 % 2.60 2.58 2.60 2.59 2.62 % 2.52 Debit card purchase volume ($ in billions) (5) $ 144.9 144.8 134.3 137.3 133.6 — 8 $ 424.0 393.2 8 % Debit card purchase transactions (# in millions) (5) 2,797 2,780 2,582 2,696 2,674 1 5 8,159 7,815 4 Client assets in advisory and brokerage accounts ($ in billions, period-end) $ 289 282 261 265 262 2 10 Home Lending: Mortgage loan originations ($ in billions) $ 7.8 9.0 6.3 7.5 7.0 (13) 11 $ 23.1 18.8 23 % of originations held for sale (HFS) 23.8 % 20.6 24.4 21.9 31.0 22.7 % 33.9 Third party mortgage loans serviced ($ in billions, period-end) (6) $ 343.9 361.4 386.6 397.0 433.8 (5) (21) Home lending loans 30+ days delinquency rate (period-end) (7)(8) 0.33 % 0.32 0.30 0.31 0.32 Credit Card (5): Credit card purchase volume ($ in billions) $ 45.0 44.5 40.0 42.2 40.3 1 12 $ 129.5 116.9 11 Credit card new accounts (# in thousands) 661 662 631 710 707 — (7) 1,954 1,555 26 Credit card loans 30+ days delinquency rate (period-end) (8) 2.69 % 2.58 2.77 2.78 2.68 Credit card loans 90+ days delinquency rate (period-end) (8) 1.34 1.34 1.45 1.42 1.34 Auto: Auto loan originations ($ in billions) $ 10.1 9.7 9.7 10.2 8.8 4 15 $ 29.5 20.3 45 Auto loans 30+ days delinquency rate (period-end) (8) 1.39 % 1.31 1.26 1.52 1.54 (1)Return on allocated capital is segment net income (loss) applicable to common stock divided by segment average allocated capital.

Consumer Banking and Lending: fees, engagement, transactions and spreads · Dépôt 13/10/2026

(3)Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device, respectively, in the prior 90 days.

Consumer metrics: definition of digital and mobile active customers · Dépôt 13/10/2026

(4)Deposit spread is (i) the internal funds transfer pricing credit on segment deposits minus interest paid to customers for segment deposits, divided by (ii) average segment deposits.

Consumer metrics: internal funds transfer pricing definition of deposit spread · Dépôt 13/10/2026

Net income applicable to common stock (A) $ 5,703 6,160 5,000 5,114 5,341 (7) % 7 $ 16,863 15,171 11 % Average total equity 182,469 181,910 183,693 183,844 183,428 — (1) 182,686 183,351 — Adjustments: Preferred stock (16,165) (15,348) (16,333) (16,608) (16,608) (5) 3 (15,948) (17,824) 11 Additional paid-in capital on preferred stock 141 139 140 141 141 1 — 140 143 (2) Noncontrolling interests (2,128) (1,972) (1,915) (1,879) (1,850) (8) (15) (2,006) (1,854) (8) Average common stockholders’ equity (B) 164,317 164,729 165,585 165,498 165,111 — — 164,872 163,816 1 Adjustments: Goodwill (24,965) (24,966) (24,967) (25,055) (25,070) — — (24,966) (25,092) 1 Certain identifiable intangible assets (other than MSRs) (716) (748) (788) (847) (889) 4 19 (751) (610) (23) Goodwill and other intangibles on venture capital investments in consolidated portfolio companies (included in other assets) (649) (704) (705) (698) (674) 8 4 (686) (694) 1 Applicable deferred taxes related to goodwill and other intangible assets (1) 1,065 1,065 1,063 1,063 1,061 — — 1,064 1,001 6 Average tangible common equity (C) $ 139,052 139,376 140,188 139,961 139,539 — — $ 139,533 138,421 1 Return on average common stockholders’ equity (ROE) (annualized) (A)/(B) 13.8 % 15.0 12.2 12.3 12.8 13.7 % 12.4 % Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 16.3 17.7 14.5 14.5 15.2 16.2 14.7 (1)Determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period-end.

Tangible Common Equity: GAAP ROE and reconciled non-GAAP ROTCE · Dépôt 13/10/2026

Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, 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.

Preliminary results: final-review limitations · Dépôt 13/10/2026

Deposits 1,502,652 1,501,405 1,454,939 1,426,207 1,367,361 — 10 Headcount (#) (period-end) 194,369 197,466 200,999 205,198 210,821 (2) (8) Capital and other metrics (1) Risk-based capital ratios and components (2): Standardized Approach: Common Equity Tier 1 (CET1) 10.0 % 10.3 10.3 10.6 11.0 Tier 1 capital 11.3 11.4 11.4 11.9 12.3 Total capital 13.6 13.7 13.8 14.3 14.8 Risk-weighted assets (RWAs) (in billions) $ 1,339.8 1,342.3 1,316.0 1,294.6 1,242.4 — 8 Advanced Approach: Common Equity Tier 1 (CET1) 11.8 % 12.1 12.1 12.4 12.7 Tier 1 capital 13.3 13.4 13.4 13.8 14.3 Total capital 15.1 15.3 15.3 15.7 16.2 Risk-weighted assets (RWAs) (in billions) $ 1,140.8 1,140.2 1,121.0 1,112.5 1,072.2 — 6 Tier 1 leverage ratio 6.8 % 6.9 7.0 7.5 7.7 Supplementary Leverage Ratio (SLR) 5.7 5.8 5.9 6.2 6.4 Total Loss Absorbing Capacity (TLAC) Ratio (3) 23.0 22.8 23.0 23.2 24.6 Liquidity Coverage Ratio (LCR) (4) 122 119 120 119 121 (1)Ratios and metrics for September 30, 2026, are preliminary estimates.

Capital and other metrics: preliminary September regulatory ratios and deposits · Dépôt 13/10/2026

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, the impact to our balance sheet of expected customer activity, our capital requirements and long-term targeted capital structure, the results of supervisory stress tests, market conditions (including the trading price of our stock), regulatory and legal considerations, including regulatory requirements under the Federal Reserve Board’s capital plan rule, and other factors deemed relevant by the Company, and may be subject to regulatory approval or conditions.

Capital distributions: earnings, capital and regulatory constraints · Dépôt 13/10/2026

-22- Wells Fargo & Company and Subsidiaries COMMERCIAL LOAN PORTFOLIO Sep 30, 2026 Jun 30, 2026 Sep 30, 2025 ($ in millions) Nonaccrual loans Loans outstanding balance Total commitments (1) Nonaccrual loans Loans outstanding balance Total commitments (1) Nonaccrual loans Loans outstanding balance Total commitments (1) Commercial and industrial loans and lease financing by industry: Financials except banks Asset managers and funds (2) $ — 72,844 125,656 2 73,530 127,199 1 56,518 109,078 Commercial finance (3) 81 54,441 86,004 90 51,768 86,293 20 46,648 80,827 Consumer finance (4) 111 33,351 48,753 117 31,945 47,353 133 24,280 41,054 Real estate finance (5) 21 40,248 44,045 19 40,986 44,598 11 31,101 34,498 Total financials except banks 213 200,884 304,458 228 198,229 305,443 165 158,547 265,457 Technology, telecom and media

Commercial loan portfolio: financial-sector exposures and commitments · Dépôt 13/10/2026

Historique des publications

Sources

• filing-1 · Dépôt 24/02/2026
• filing-2 · Dépôt 28/07/2026
• filing-3 · Dépôt 18/03/2026
• filing-4 · Dépôt 25/02/2025
• filing-5 · Dépôt 20/02/2024
• filing-6 · Dépôt 29/04/2026
• filing-7 · Dépôt 13/10/2026
• filing-8 · Dépôt 13/10/2026
• filing-9 · Dépôt 14/07/2026
• filing-10 · Dépôt 14/07/2026
• filing-11 · Dépôt 14/04/2026
• filing-12 · Dépôt 14/04/2026