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BancAnalysts Association of
Boston Conference
David Carroll
Senior Executive Vice President
Wealth, Brokerage & Retirement
November 6, 2014
Agenda
 Wells Fargo Overview
 Wealth, Brokerage & Retirement (WBR) Update
 Key Opportunities
1
Wells Fargo vision
Wells Fargo
Vision
“We want to satisfy
all our customers’
financial needs and
help them succeed
financially.”
2
Wells Fargo’s model is based on sustainable long-term
advantages
 Strong distribution
 Leading market share in key financial products
 Diversified and balanced revenue sources
 Large and low-cost deposit base
 Relationship focus and cross-sell capability
 Comprehensive risk discipline
 Capital strength
 Deep culture and the right team
3
Serving consumers and businesses in more communities than
any other U.S. Bank
70+ MM customers
8,753 stores
Store Distribution
Retail banking
6,165
Wells Fargo Advisors
1,380
Wholesale
677
Mortgage
531
Sales Force
Platform bankers
Financial advisors
Wells Fargo Advisors offices
Wells Fargo Retail Banking stores
Wells Fargo Home Mortgage stores
(1)
(2)
Home Mortgage
consultants
15,163
7,128
Other Distribution Channels
ATMs
12,739
Online banking
customers (3)
As of September 30, 2014.
(1) Active, full-time equivalent.
(2) Series 7 brokers.
(3) Regional banking online and mobile customers, based on 90-day active accounts, as of August 2014.
32,108
Mobile customers
24.4 MM
(3)
13.7 MM
4
Strong 3Q14 results
Wells Fargo Net Income
Pre-tax Pre-provision Profit
($ in millions)
5,578
5,610
5,893
(1)
($ in millions)
5,726
5,729
$1.01
$1.02
2Q14
3Q14
8,580
8,677
8,872
8,965
8,376
3Q13
4Q13
1Q14
2Q14
3Q14
$1.05
$0.99
3Q13
$1.00
4Q13
1Q14
Diluted earnings per common share
 Earnings of $5.7 billion and EPS of $1.02, both up 3% year-over-year (YoY)
 Continued balance sheet strength:
- Period-end loans up $29.7 billion, or 4% YoY
- Period-end deposits up $88.8 billion, or 9% YoY
- Credit continued to improve with net charge-offs of 32 bps
 Solid returns with an ROA of 1.40% and ROE of 13.10%
 Strong capital position and shareholder return
(1) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes PTPP is a useful financial measure because it enables investors
and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
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Strong revenue diversification
Balanced Spread and
Fee Income
52%
Net Interest
Income
$21.2
billion
48%
Diversified Fee Generation
Other noninterest income (1)
Deposit service charges
Net gains from equity investments
2%
7%
13%
Net gains on debt securities
Net gains from trading
2%
2%
Insurance
4%
Mortgage Orig./
Sales, net
9%
Brokerage advisory,
23% commissions and other
$10.3
billion
Noninterest
Income
Mortgage Servicing, net
7%
2%
All other fees
1% Letters of credit
2%
1% CRE brokerage commissions
3%
1% Cash network
8%
4%
9%
Merchant processing
Card fees
Charges and fees on loans
Trust and investment
management
Investment banking
Insurance
4%
Total Trust & Investment Fees 35%
Net Gains from Trading
2%
Card Fees
Net Gains on Debt Securities
2%
7%
Deposit Service Charges
13%
9%
Total Other Fees
10%
Net Gains from Equity Inv.
Total Mortgage Banking
16%
Other Noninterest Income
(1)
2%
All data is for 3Q14.
(1) Other noninterest income includes lease income, life insurance investment income and all other noninterest income.
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Agenda
 Wells Fargo Overview
 Wealth, Brokerage & Retirement (WBR) Update
 Key Opportunities
7
WBR business overview
WBR offers a full range of financial advisory, lending, fiduciary and
investment management services to clients using a planning approach
Retail
Brokerage
Wealth
Management
Abbot
Downing
Retirement
Serves mass, mass affluent, affluent and high net worth
clients’ advisory, brokerage and financial needs through
multiple channels
Provides affluent and high net worth clients with a
complete range of wealth management solutions,
including financial planning, private banking, credit,
investment management and fiduciary services
Provides comprehensive wealth management services
to ultra high net worth families and individuals as well
as endowments and foundations
Provides institutional retirement (IRT) and trust services
(including 401(k) and pension plan record keeping) for
businesses, retail retirement solutions for individuals, and
reinsurance services for the life insurance industry
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Size and scope
Retail
Brokerage
Wealth
Management
Abbot Downing
Client
Assets
$1.4T
$180B
$39B
Clients
3.2MM Households
70K Relationships
Over 600
Relationships
Industry
Rankings
#3 U.S. Retail
Brokerage firm (1)
#3 Managed
account provider
(2)
#4 Wealth
Management firm
(3)
#8 Family Office
Retirement
IRA: $354B
IRT: $314B
3.3MM Retail
Retirement HHs
(4)
#2 Annuity
Distributor (5)
#6 IRA provider
(6)
#8 Institutional
Retirement Plan
Recordkeeper (7)
Data as of 9/30/14, unless otherwise noted. Client counts not mutually exclusive. Assets include deposits. Households (HHs) defined as client accounts grouped
based on address matching; Relationships represent clients grouped by relationship manager and may include multiple clients/accounts.
(1) Source: Company data and peer analysis as of 9/30/14; based on FA counts. (2) Source: Cerulli Associates; based on 2Q14 Brokerage advisory assets (3)
Source: Barron’s 2014 Survey; based on Assets Under Management in accounts > $5MM (as of Jun 30, 2014). Includes Brokerage Client Assets and Wealth
Assets Under Management. (4) Source: Bloomberg Top 50 Family Offices; based on assets as of 12/31/12. (5) Source: 2014 Transamerica Roundtable Survey
(April 2014), based on FY2013 sales. (6) Source: Cerulli Associates; based on 2Q14 assets. (7) Source: PLANSPONSOR Magazine (based on 4Q13 defined
contribution assets), June 2014.
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Channel diversity provides growth and choice
Assets
with us
<$250K
$250K-$1MM
$1MM-$5MM
$5MM-$50MM
The Private Bank
Wealth Brokerage Services
MultiChannel
Delivery
Model
>$50MM
Abbot
Downing
Private Client Group (PCG)
Phone
Advisors
FiNet Advisors, First Clearing, Mobile/Online
Client
Service
Model
 Self
Service
 Direct
 Personalized/local service
 Scalable solutions
 Personalized/local service
 Team of experts model
 Customized planning and
solutions
Cost-toServe
 Low
 Modest/flexible
 High
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WBR revenue and earnings contribution
WBR Share of WFC
WBR Revenue by Category
Revenue
83%
WBR 17%
Trust & Investment Fees
74%
Earnings
Other
4%
91%
WBR 9%
Net Interest
Income
22%
Data represents nine months ended September 30, 2014.
11
WBR financial performance
Total Revenue
($ in billions)
Net Income
$13.2
$1.7
Up 28.5%
$1.6
$1.3
$10.8
$8.4
$1.3
$1.2
$1.0
Up 8.3%
$9.8
$10.6
$10.3
$7.6
$8.2
$2.4
$2.9
$2.1
$2.3
2009
2013
2013 YTD
2014 YTD
Net Interest Income
Noninterest Income
Noninterest Expense
$0.5
Up 3.8%
$9.4
2009
2010
2011
2012
2013
2013
YTD
$10.5
$7.8
$8.1
2013 YTD
2014 YTD
2014
YTD
 PTPP CAGR (2009-2013): 19.7%
(1)
2009
2013
YTD data represents nine months ended September 30.
(1) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because
it enables investors and others to assess our ability to generate capital to cover credit losses through a credit cycle.
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WBR performance measures
Pre-tax Margin
Operating Leverage
24%
21%
17%
4.5%
20%
18%
2.9%
2.1%
2.0%
0.3%
2011
2012
2013
2013
YTD
2014
YTD
2011
Net Interest Margin
1.93%
1.75%
1.65%
2012
2013
2012
1.63% 1.70%
2013
2013
YTD
2014
YTD
Return on Equity
21.0%
19.2% 18.7%
2011
2013
YTD
2014
YTD
2011
2012
2013
20.0% 20.2%
2013
YTD
2014
YTD
YTD data represents nine months ended September 30.
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Growth in recurring revenue
2009 Revenue Mix
2013 Revenue Mix
2014 YTD Revenue Mix
Recurring Revenue 65%
Recurring Revenue 76%
Recurring Revenue 80%
35%
55%
43%
22%
Recurring Revenue:
Asset Based / Other Recurring
20%
24%
58%
22%
22%
Non-Recurring Revenue:
Transactional / Other Non-Recurring Fees
Net Interest Income
YTD 2014 represents nine months ended September 30, 2014.
14
Growth in Brokerage advisory assets
3Q14 Brokerage Client Assets: $1.4T
Advisory Assets: $0.4T
71%
Other Brokerage Client Assets: $1.0T
29%
Advisory Assets as a % of Total Brokerage Client Assets
18%
20%
23%
25%
27%
29%
2009
2010
2011
2012
2013
3Q14
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Agenda
 Wells Fargo Overview
 Wealth, Brokerage & Retirement (WBR) Update
 Key Opportunities
16
One Wells Fargo
Business
Banking
Wholesale
Banking
IntraIntraDivision
Partners
Division
Partners
Mortgage
Banking
Community
Banking
17
Capitalizing on strategic opportunities
Accelerating Adoption
of Best Practices
1) Advisor Best Practices
2) Community Bank Partnership
Leveraging the Power of
One Wells Fargo
3) Lending Opportunities
4) High Net Worth Partnership
18
Advisor Best Practices opportunity
Adoption is measured by the degree to which advisors embrace proven strategies within
their practice.
Commitment to understanding clients’
personal and financial priorities
Client Discovery
EVOLVE
Client Reviews
Financial Strategies Action Plan
Investments
Protect
Banking
ADVISE
Client Information Mgmt.
Plan
ANALYZE
Solutions and
relationship
evolve as the
client’s life
changes
Family, Occupation, Recreation, Money
UNDERSTAND
Access to a
knowledgeable
advisor and team
of financial
experts
Recommended Advice
Tailored advice that is aligned with the
client’s circumstances
 Advisor adoption 3x higher over the last 4 years
 Clients are 30% more loyal when advisors use best practices
 Advisors (1) applying best practices grow production 2.5x greater
(1) Advisor productivity growth includes producing FAs with the firm from 2009 – September 2014.
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WBR/Community Bank partnership
Growing the Affluent Opportunity
Saving, Investing &
Retirement Planning
Dollars Held Away
$2.1T
Saving
Investing &
Retirement
Planning
Client Needs
 Clients with both bank and WBR relationships meet
a greater number of financial needs with a deep
relationship within those needs
 Client retention averages 98.5% (1) for clients with
both bank and WBR relationships
Client Profitability
 Clients with both bank and WBR products are over
five times more profitable than bank only, and over
two times more profitable than WBR only (2)
Brokerage Client Assets
 Total Brokerage client assets up 25% since 2011
- Bank/Brokerage client assets up 35%


Bank/Brokerage client asset share increased from
33% in 2011 to 36% in 3Q14
Investment assets referred to Brokerage up 31%
CAGR since 2011
- Over $1.0 billion a month in investment
assets referred
(1) Client retention averages represent rolling two-year averages through September 2014.
(2) Relative client profitability as of September 2014 (annualized profit).
20
Growth in outstanding loans
Growth Highlights
WBR Loans
(Average balances, $ in billions)

Driven by growth in high-quality, nonconforming (i.e. jumbo) mortgage loans
and securities-based lending

Other revolving credit primarily consists of
securities-based lending, including margin
loans, secured prime lines, custom lines of
credit and priority credit lines

FA loan origination participation remains
strong through September 2014
$51.2
$46.1
$42.7
$13.2
$12.1
$11.0
$13.1
$13.0
$13.1
-
Over 60% of FA’s participating in loan
originations
Partnership Opportunity for Home
Lending and WBR (1)
$18.7
2012
$20.9
2013
Consumer Real Estate
Other Revolving Credit
$24.9

Home Lending provides financing to 3.7
million affluent households (2), but only
11% work with Wells Fargo for planning,
investing and retirement needs
2014 YTD

Over 2 million WBR clients hold a U.S.
residential mortgage, but only 29% have
their mortgage with Wells Fargo
Commercial Loans
(1) As of 12/31/2013.
(2) Affluent are WF Home Lending households (HHs) with total Wells Fargo combined deposit and
investment balances greater than $100K or total deposit and investment balances of $100K.
21
Expanding the High Net Worth partnership
Early successes in the partnership led to expanding the client profile threshold to $2.5MM
AUM from $5MM+, increasing our opportunity to satisfy High Net Worth clients’ complex
financial needs
Qualified HHs
Original
Opportunity
Increased
Opportunity
13,000 HHs with
$5MM+ AUM
Over 50,000 HHs
with $2.5MM+
AUM
Client Assets
HHs hold >
$150B AUM
HHs hold >
$300B AUM
FA's with
qualified HHs
~5,800
~8,200
~500 FAs
~900 FAs
Financial Advisor
Participation
$5.3 Billion in Client Balances
$2.2
$1.7
$1.4
Balances as of 9/30/14
Credit Balances
Brokerage Assets
Trust Assets
22
WBR is well positioned for the future
 Focusing on execution, while capitalizing on opportunities, has resulted
in strong performance
- Continue to enhance recurring revenue contribution with 2014 YTD
improving to 80% from 65% in 2011
- Emphasis on pre-tax margin expansion, improving 694 bps from 2011 to
24% in 2014 YTD
- 4-year WBR segment PTPP CAGR of 19.7%
 Wells Fargo’s culture and tenure of the team is a competitive
differentiator
 Strategic initiatives remain similar with those shared at the 2012
Investor Day, yet refinements and enhancements have contributed to
additional traction and success
 “One Wells Fargo” is a sustainable long-term advantage
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Forward-looking statements and additional information
Forward-looking statements:
This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition,
we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forwardlooking 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 and allowance releases; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net
interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital
levels and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and
any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations
regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted
range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) 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. Investors are urged to not unduly rely on forwardlooking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made,
and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that
could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press
release announcing our third quarter 2014 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other
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, 2013.
Purchased credit-impaired loan portfolio:
Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in purchase accounting
to an amount estimated to be collectible and the related allowance for loan losses was not carried over to Wells Fargo’s allowance. In
addition, such purchased credit-impaired loans are not classified as nonaccrual or nonperforming, and are not included in loans that were
contractually 90+ days past due and still accruing. Any losses on such loans are charged against the nonaccretable difference established in
purchase accounting and are not reported as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans
with evidence of credit deterioration, certain ratios of the combined company are not comparable to a portfolio that does not include
purchased credit-impaired loans.
In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios and trends. Management believes that the
presentation of information adjusted to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of
the non-impaired loan portfolio. Accordingly, certain of the loan balances and credit ratios in this document have been adjusted to exclude
the purchased credit-impaired loans. References in this document to impaired loans mean the purchased credit-impaired loans. Please see
pages 32-34 of the press release announcing our 3Q14 results for additional information regarding the purchased credit-impaired loans.
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