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Wells Fargo Issues Statement Regarding the Federal Reserve's Stress Test Results

Wells Fargo & Company (NYSE: WFC) today announced that it has completed the 2023 Comprehensive Capital Analysis and Review (CCAR) stress test process. The Company expects its stress capital buffer (SCB) to decrease to 2.9%, which represents a percentage amount of incremental capital the Company must hold above its minimum regulatory capital requirements. The Federal Reserve Board (FRB) has indicated that it will publish the Company's final SCB by August 31, 2023.

The Company expects to increase its third quarter 2023 common stock dividend to $0.35 per share from $0.30 per share, subject to approval by the Company's Board of Directors at its regularly scheduled meeting in July. Additionally, over the four-quarter period beginning third quarter 2023 through second quarter 2024, the Company has capacity to repurchase common stock, which will be routinely assessed as part of the Company's internal capital adequacy framework that considers current market conditions, potential changes to regulatory capital requirements, and other risk factors.

"This year's CCAR stress test affirmed that Wells Fargo remains in a strong capital position, reflecting the value of our franchise and benefits of our operating model," said CEO Charlie Scharf. "This capital strength allows us to serve our customers' financial needs, while continuing to prudently return excess capital to our shareholders."

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune's 2022 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future regulatory capital levels and possible future capital actions, including common stock dividends and common share repurchases. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. 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. Actual capital levels and capital actions may vary materially from expectations due to a number of factors, including those described in our reports filed with the Securities and Exchange Commission and available at www.sec.gov. 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, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company's Board of Directors, and may be subject to regulatory approval or conditions.

News Release Category: WF-CF

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