Summary of Wells Fargo & Company Conference Call Company Overview - **Company**: Wells Fargo & Company (NYSE: WFC) - **Event**: 2021 Goldman Sachs U.S. Financial Services Conference - **Date**: December 7, 2021 - **Participants**: Charles Scharf (President & CEO), Richard Ramsden (Goldman Sachs) Key Points Economic Outlook - **Economic Growth**: Anticipated strong economic growth in 2022, with a focus on consumer spending and liquidity in the system [3][4] - **Consumer Behavior**: Consumers have approximately 30% to 35% more in deposit accounts compared to pre-COVID levels, indicating strong financial health across various wealth levels [5] - **Job Market**: There are more job openings than available workers, contributing to wage increases and consumer confidence [5][6] Inflation and Interest Rates - **Inflation Concerns**: Significant concern regarding inflation, with rising input costs and labor shortages impacting various industries [10][11] - **Interest Rate Policy**: Suggestion that the Federal Reserve should act more quickly to address inflation, with expectations for a quicker path to appropriate actions [10][11] Strategic Priorities - **Regulatory Issues**: Resolving risk and regulatory problems remains the top priority for Wells Fargo, with significant changes in senior management and board composition since 2017 [13][14][15] - **Business Capabilities**: Commitment to enhancing business capabilities across all franchises, including credit cards, treasury services, and digital platforms [16][18] - **Cross-Selling Opportunities**: Emphasis on improving cross-selling among different business units to leverage existing customer relationships [17][18] Financial Performance and Targets - **Return on Tangible Common Equity (ROTCE)**: Aiming for a ROTCE of 15% over time, with an interim target of 10% expected to be reached in 2022 [24][26] - **Loan Growth**: Positive trends in loan demand across consumer and corporate sectors, with expectations for continued growth into 2022 [28][30] Capital Markets Strategy - **Corporate Investment Bank (CIB)**: Focus on growing the CIB by serving existing customers better and capturing more wallet share, particularly in the middle market [38][40] - **Asset Cap Impact**: The asset cap has limited growth opportunities, but there is optimism for regaining lost business once it is lifted [42] Expense Management - **Expense Reduction Goals**: Targeting $53.5 billion in expenses for the year, with a focus on cutting unnecessary costs while investing in risk management [43][45] - **Operational Efficiency**: Streamlining operations by reducing branch numbers and management layers to improve efficiency [45][46] Capital Returns - **Dividends and Buybacks**: Plans to maintain a predictable dividend policy while balancing the need for capital reinvestment, especially until the asset cap is lifted [50][51] Credit Quality - **Charge-Off Rates**: Current charge-off rates are at a 30-year low, but normalization is expected as economic conditions change [53][54] - **Prudent Underwriting**: Emphasis on maintaining high standards in underwriting practices to mitigate future credit risks [55][56] Competitive Landscape - **Innovation and Disintermediation**: Acknowledgment of the competitive threat from fintech and payment companies, with a commitment to innovate and improve customer experience [58][60] - **Internal Collaboration**: Focus on breaking down silos within the organization to enhance service delivery and customer satisfaction [59][60] Additional Insights - **Regulatory Progress**: Ongoing efforts to address consent orders and improve internal controls, with a detailed project plan in place for compliance [20][22] - **Customer Loyalty**: Strong customer loyalty noted, with a desire to deepen relationships and expand service offerings [16][18] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Wells Fargo's focus on economic growth, regulatory compliance, and enhancing customer relationships while navigating a competitive landscape.

Wells Fargo & Company (NYSE:WFC) Q3 2021 Earnings Conference Call October 14, 2021 11:30 AM ET Company Participants Charles Scharf – Chief Executive Officer John Campbell – Director of Investor Relations Michael Santomassimo – Chief Financial Officer Conference Call Participants Scott Siefers – Piper Sandler Ken Usdin – Jefferies Steven Chubak – Wolfe Research John McDonald – Autonomous Research Ebrahim Poonawala – Bank of America John Pancari – Evercore ISI Matt O'Connor – Deutsche Bank Gerard Cassidy – RB ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-2979 WELLS FARGO & COMPANY (Exact name of registrant as specified in its charter) Delaware No. 41-0449260 ( ...

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