Exhibit 13 Financial Review 30 Overview 144 5 Available-for-Sale and Held-to-Maturity Debt Securities 34 Earnings Performance 151 6 Loans and Allowance for Credit Losses 51 Balance Sheet Analysis 165 7 Leasing Activity 54 Off-Balance Sheet Arrangements 167 8 Equity Securities 56 Risk Management 169 9 Premises, Equipment and Other Assets 87 Capital Management 170 10 Securitizations and Variable Interest Entities 93 Regulatory Matters 180 11 Mortgage Banking Activities 96 Critical Accounting Policies 182 12 Intangible Assets 100 Current Accounting Developments 183 13 Deposits 102 Forward-Looking Statements 184 14 Short-Term Borrowings 103 Risk Factors 185 15 Long-Term Debt Guarantees, Pledged Assets and Collateral, and Other 187 16 Commitments Controls and Procedures 192 17 Legal Actions 119 Disclosure Controls and Procedures 196 18 Derivatives 119 Internal Control Over Financial Reporting 207 19 Fair Values of Assets and Liabilities Management’s Report on Internal Control over 119 Financial Reporting 227 20 Preferred Stock Report of Independent Registered Public 120 Accounting Firm 230 21 Common Stock and Stock Plans 233 22 Revenue from Contracts with Customers Financial Statements 236 23 Employee Benefits and Other Expenses 121 Consolidated Statement of Income 243 24 Income Taxes Consolidated Statement of Comprehensive 122 Income 245 25 Earnings and Dividends Per Common Share 123 Consolidated Balance Sheet 246 26 Other Comprehensive Income 124 Consolidated Statement of Changes in Equity 248 27 Operating Segments 128 Consolidated Statement of Cash Flows 250 28 Parent-Only Financial Statements 253 29 Regulatory and Agency Capital Requirements Notes to Financial Statements 129 1 Summary of Significant Accounting Policies Report of Independent Registered Public 141 2 Business Combinations 254 Accounting Firm 142 3 Cash, Loan and Dividend Restrictions 256 Quarterly Financial Data 143 4 Trading Activities 258 Glossary of Acronyms Wells Fargo & Company 29 This Annual Report, including the Financial Review and the Financial Statements and related Notes, contains forward-looking statements, which may include forecasts of our financial results and condition, expectations for our operations and business, and our assumptions for those forecasts and expectations. Do not unduly rely on forward-looking statements. Actual results may differ materially from our forward-looking statements due to several factors. Factors that could cause our actual results to differ materially from our forward-looking statements are described in this Report, including in the “Forward-Looking Statements” and “Risk Factors” sections, and in the “Regulation and Supervision” section of our Annual Report on Form 10-K for the year ended December 31, 2019 (2019 Form 10-K). When we refer to “Wells Fargo,” “the Company,” “we,” “our,” or “us” in this Report, we mean Wells Fargo & Company and Subsidiaries (consolidated). When we refer to the “Parent,” we mean Wells Fargo & Company. See the Glossary of Acronyms for definitions of terms used throughout this Report. Financial Review Overview Wells Fargo & Company is a diversified, community-based temporary fluctuations. As of the end of fourth quarter 2019, financial services company with $1.9 trillion in assets. Founded in our total consolidated assets, as calculated pursuant to the 1852 and headquartered in San Francisco, we provide banking, requirements of the consent order, were below our level of total investment and mortgage products and services, as well as assets as of December 31, 2017. Additionally, after removal of consumer and commercial finance, through 7,400 locations, the asset cap, a second third-party review must also be more than 13,000 ATMs, digital (online, mobile and social), and conducted to assess the efficacy and sustainability of the contact centers (phone, email and correspondence), and we have enhancements and improvements. offices in 32 countries and territories to support customers who conduct business in the global economy. With approximately Consent Orders with the Consumer Financial Protection 260,000 active, full-time equivalent team members, we serve Bureau and Office of the Comptroller of the Currency one in three households in the United States and ranked No. 29 Regarding Compliance Risk Management Program, on Fortune’s 2019 rankings of America’s largest corporations. We Automobile Collateral Protection Insurance Policies, and ranked fourth in assets and third in the market value of our Mortgage Interest Rate Lock Extensions common stock among all U.S. banks at December 31, 2019. On April 20, 2018, the Company entered into consent orders On February 11, 2020, we announced a new organizational with the Consumer Financial Protection Bureau (CFPB) and the structure with five principal lines of business: Consumer and Office of the Comptroller of the Currency (OCC) to pay an Small Business Banking; Consumer Lending; Commercial aggregate of $1 billion in civil money penalties to resolve Banking; Corporate and Investment Banking; and Wealth and matters regarding the Company’s compliance risk management Investment Management. program and past practices involving certain automobile Wells Fargo’s top priority remains meeting its regulatory collateral protection insurance policies and certain mortgage requirements in order to build the right foundation for all that interest rate lock extensions. As required by the consent orders, lies ahead. To do that, the Company is committing the resources the Company submitted to the CFPB and OCC an enterprise- necessary to ensure that we operate with the strongest business wide compliance risk management plan and a plan to enhance practices and controls, maintain the highest level of integrity, and the Company’s internal audit program with respect to federal have in place the appropriate culture. consumer financial law and the terms of the consent orders. In addition, as required by the consent orders, the Company Federal Reserve Board Consent Order Regarding submitted for non-objection plans to remediate customers Governance Oversight and Compliance and Operational affected by the automobile collateral protection insurance and Risk Management mortgage interest rate lock matters, as well as a plan for the On February 2, 2018, the Company entered into a consent order management of remediation activities conducted by the with the Board of Governors of the Federal Reserve System Company. (FRB). As required by the consent order, the Company’s Board of Directors (Board) submitted to the FRB a plan to further Retail Sales Practices Matters enhance the Board’s governance and oversight of the Company, In September 2016, we announced settlements with the CFPB, and the Company submitted to the FRB a plan to further the OCC, and the Office of the Los Angeles City Attorney, and improve the Company’s compliance and operational risk entered into related consent orders with the CFPB and the OCC, management program. The Company continues to engage with in connection with allegations that some of our retail customers the FRB as the Company works to address the consent order received products and services they did not request. As a result, provisions. The consent order also requires the Company, it remains a top priority to rebuild trust through a following the FRB’s acceptance and approval of the plans and the comprehensive action plan that includes making things right for Company’s adoption and implementation of the plans, to our customers, team members, and other stakeholders, and complete an initial third-party review of the enhancements and building a better Company for the future. Our priority of improvements provided for in the plans. Until this third-party rebuilding trust has included numerous actions focused on review is complete and the plans are approved and implemented identifying potential financial harm to customers resulting from to the satisfaction of the FRB, the Company’s total consolidated these matters and providing remediation. assets will be limited to the level as of December 31, 2017. For additional information regarding retail sales practices Compliance with this asset cap will be measured on a two- matters, including related legal matters, see the “Risk Factors” quarter daily average basis to allow for management of 30 Wells Fargo & Company section and Note 17 (Legal Actions) to Financial Statements in partially offset by decreases in commercial real estate this Report. construction loans, real estate 1-4 family junior lien mortgage loans, and other revolving credit and installment loans. Other Customer Remediation Activities Average deposits in 2019 were $1.3 trillion, up $10.4 billion Our priority of rebuilding trust has also included an effort to from 2018, reflecting higher other time deposits, mortgage identify other areas or instances where customers may have escrow deposits and commercial deposits. Our average deposit experienced financial harm, provide remediation as appropriate, cost in 2019 was 67 basis points, up 23 basis points from a year and implement additional operational and control procedures. ago, driven by increased retail banking promotional pricing for We are working with our regulatory agencies in this effort. We new deposits and a continued deposit mix shift to higher cost have previously disclosed key areas of focus as part of our products. rebuilding trust efforts and are in the process of providing remediation for those matters. We have accrued for the Credit Quality reasonably estimable remediation costs related to our