Earning lifelong relationships

We l l s Fa r g o & C o m p a n y A n n u a l R e p o r t 2 0 1 5





‘‘

Earning lifelong
relationships,
one customer
at a time,
is fundamental
to achieving
our vision.
‘‘

- John G. Stumpf
Chairman and
Chief Executive Officer
2015 Annual Report | 1





















Contents
2 | To Our Owners
10 | Earning relationships, helping customers succeed financially
10 | It isn’t easy to talk about money
12 | From seed to sparkling success
14 | Paving the road to savings
16 | Banking and business growing in tandem
18 | House hunters find the one
20 | Retirement-plan transition goes down easy
22 | Bringing affordable solar power to the people
24 | Adopting a neighborhood
26 | Corporate Social Responsibility Highlights
27 | Board of Directors, Executive Officers, and Corporate Staff
28 | Senior Business Leaders
29 | 2015 Financial Report
- Financial Review
- Controls and Procedures
- Financial Statements
- Report of Independent Registered
Public Accounting Firm
267 | Stock Performance
2 | 2015 Annual Report






















To Our Owners,
One of the many things that make
Wells Fargo unique is our company’s
rich 164-year history. Wells Fargo is one
of a handful of U.S. companies dating
to the mid-1800s that is still in the same
business and operates under the same
name. In fact, our headquarters building
at 420 Montgomery St. in San Francisco
stands on the same spot where Wells Fargo
first opened for business in 1852.
You can learn more about our
past by visiting one of Wells Fargo’s
11 history museums across the U.S.
However, the most powerful expression
of our heritage isn’t in documents
or artifacts or even our stagecoach.
It is in any of the millions of relationships
we have formed over generations with
customers, team members, communities,
and shareholders. “Relationships” define
Wells Fargo.
JOHN G. STUMPF
Chairman and Chief Executive Officer
Wells Fargo & Company
2015 Annual Report | 3

























































































































Earning lifelong relationships,
one customer at a time, is fundamental
to achieving our vision, which is to
“satisfy our customers’ financial needs
and help them succeed financially.”
Whether we’re helping a student open
a first checking account, a young
family purchase a home, a business
owner expand, or a retiree manage
investments, we are on our customers’
side, offering them the products
and services they want and need.
We believe the best way we can
earn our customers’ business is
to listen and understand their needs.
Consider Biltmore, one of America’s
most beautiful historic estates
and a popular tourist attraction,
built by George Vanderbilt in 1895
in the Blue Ridge Mountains
of North Carolina. At the turn
of the 20th century, the Vanderbilt
family used Wells Fargo for transport
along the East Coast, and they later
formed a banking relationship with
us. Through listening to and working
with The Biltmore Company, we have
provided loans and financial services
to help the business grow. Today,
Biltmore draws more than 1.4 million
visitors annually and includes not
only an inn and hotel, but also
a village with restaurants and retail
shops, a winery, branded retail
products, and a solar farm.
Earning relationships and helping
customers like The Biltmore Company
are the core of our business. We are
honored to have relationships with
one in three U.S. households. We lend
more money to help individuals and
families buy homes than any other
American company. We are the nation’s
top lender to small businesses, based
on Community Reinvestment Act data.
We are the largest lender
to mid-sized companies, and we
help large companies with their
domestic and global needs through
our offices in 36 countries.
Our leading position across many
of our businesses is important because
it reflects how well we are serving our
customers — individuals, households,
businesses, and corporations —
who make up the “real economy.”
We never take for granted the trust
our customers have placed in us,
and we understand the important
role we play in helping grow the U.S.
economy. If we serve our customers
well and manage our business
effectively and efficiently, we also
will grow and succeed as a company.
As we like to say, we never put the
stagecoach ahead of the horses!
We never take for
granted the trust
our customers have
placed in us, and
we understand the
important role we
play in helping grow
the U.S. economy.
Financial results
Our focus on customers, as well
as our diversified business model
and strong risk discipline, helped
us to produce another solid year
of financial performance in 2015,
even as we navigated the pressures
of low interest rates and global
economic volatility.
Wells Fargo generated $86.1 billion
in revenue in 2015, up 2 percent from
2014. Our time-tested business model
— which produced a balanced mix
of net interest income and noninterest
income across more than 90 businesses
— allowed us to deliver consistent
performance despite the challenging
environment.
Our 2015 net income was $22.9 billion,
and our diluted earnings per common
share of $4.12 represented a $0.02
increase from 2014. Our 2015 return
on assets was 1.31 percent, and our
return on equity was 12.60 percent.
At year-end, our total deposits reached
a record $1.2 trillion, up 5 percent from
the prior year, driven by both consumer
and commercial growth. Total loans
finished 2015 at $916.6 billion,
up 6 percent from 2014, making our
loan portfolio the largest among U.S.
banks. We saw growth in commercial
loans, residential mortgages, credit
cards, and automobile lending while
maintaining our strong credit and
pricing discipline.
In fact, the credit quality of our
portfolio proved to be about as good as
I’ve seen in my 34 years at Wells Fargo.
Credit losses of $2.9 billion improved
2 percent from 2014. Net charge-offs
as a percentage of average loans
remained near historic lows —
0.33 percent in 2015, compared
with 0.35 percent in 2014.
We also continued to strengthen
our balance sheet in 2015 and ended
the year with our highest-ever levels
of capital and liquidity. We finished
2015 with total equity of $193.9 billion,
Common Equity Tier 1 capital
of $142.4 billion, and a Common
Equity Tier 1 ratio (fully phased-in)
of 10.77 percent.1
1 For more information on our regulatory capital and related ratios, please see the “Financial Review — Capital Management” section in this Report.
4 | 2015 Annual Report















































































































































Our financial performance and
balance sheet strength allowed us
to return more capital to shareholders.
In 2015, we returned $12.6 billion to our
shareholders through common stock
dividends and net share repurchases,
reflecting the fifth consecutive year
in which we returned more capital
to shareholders than in the previous
year. We increased our quarterly
common stock dividend rate
by 7 percent to $0.375 per share,
and we repurchased 78.2 million
shares of our common stock on
a net basis. And we again ended
the year as the world’s most valuable
bank by market capitalization.
We also continued to make
strides in improving our company’s
efficiency and reinvesting for the
future. In addition to simplifying our
operations, we reduced our travel
costs by 23 percent in 2015,
and we have eliminated more
than 20 million square feet of
occupied real estate since 2009.
We’re investing those savings
in areas such as innovation, risk
management, and cybersecurity.
Another benefit of our company’s
consistent performance is the ability
to be well positioned for strategic
acquisitions to support growth.
We were pleased to announce an
agreement to acquire GE Capital’s
Commercial Distribution Finance
and Vendor Finance platforms,
as well as a portion of its Corporate
Finance business. We anticipate
adding approximately $31 billion
in assets and welcoming about
2,900 GE Capital team members
to Wells Fargo when the transaction
closes. We also acquired GE Railcar
Services, a railcar finance, leasing,
and fleet management business,
on Jan. 1, 2016, and in the second
quarter of 2015 we completed a GE
Capital commercial real estate loan
portfolio transaction, which included
approximately $11.5 billion in loan
purchases and related financing.
These additions should grow
our business and provide greater
opportunities for us to expand
our relationships with customers.
Our financial performance and
customer focus earned us external
recognition in many ways in 2015.
For example, we ranked No. 7
on Barron’s 2015 ranking of the
world’s “100 Most Respected
Companies” — the fourth year in
a row we ranked highest among
all banks on the list. Euromoney
magazine named Wells Fargo
the “Best Bank in the U.S.”
in its 2015 Awards for Excellence.
And The Banker magazine named
Wells Fargo the Best Global and
U.S. Bank of the Year.
Wells Fargo is one of the
most valuable companies
in the world
By market value as of Dec. 31, 2015
(in billions)
Apple
$ 587
Alphabet
528
Microsoft
443
Berkshire Hathaway
325
ExxonMobil
325
Amazon.com
317
Facebook
296
General Electric
294
Johnson & Johnson
284
Wells Fargo
277
JPMorgan Chase
243
Ind. & Comm. Bank (China)
243
U.S. companies except where stated
Source: Bloomberg
Relationships are
at the core of our culture
While accolades are rewarding,
our highest honor is the trust that
customers place in us. And trust
is best built through relationships.
No document better captures
our relationship-based culture and
focus on customers than The Vision
& Values of Wells Fargo, which was
first published more than 20 years
ago. (I invite you to read our
Vision & Values at wellsfargo.com.)
We bring the Vision & Values to life
each day through delivering on our
six priorities: putting customers
first, growing revenue, managing
expenses, living our vision and
values, connecting with communities
and stakeholders, and managing risk.
These priorities also support
our focus on the relationships
with customers, team members,
communities, and shareholders
that are at the heart of our culture.
Earning relationships
with our customers
We work to make every relationship
— new and old — a lasting one
by following a few simple principles.
We put our customers first and
treat them as our valued guests.
We are committed to our customers’
satisfaction and financial success
and to work in their best interest.
In short, we are on our customers’
side. You will read stories about
how we do that in the following
pages, including how we eased
an older couple’s budgeting
concerns and helped a customer
navigate the used-car buying process.
When we follow these principles,
we gain trust and earn relationships
that reach across decades and
generations. Just as our customers
trusted Wells Fargo and our
Abbot Downing-built stagecoaches
to transport their valuables in the
1800s, they trust us today with their
financial needs.
One example is the Hearst family.
We’ve nurtured a relationship with
the Hearsts for more than 100 years.
George Hearst, an entrepreneur and
mining developer, used Wells Fargo
stagecoaches and express services
to transport gold and silver to
U.S. Mints, starting in the 1860s.
His wife, Phoebe, an active investor
and philanthropist, was a Wells Fargo
investment services and trust customer.
Over the years, our relationship
with the Hearsts broadened as their
business grew from its origins
as a mining company and a single
newspaper to become one
of the world’s top private media
and information companies
encompassing more than
360 businesses in 150 countries.
We are honored to help the Hearst
family and business grow through
a broad assortment of products and
services, and today our ties are as
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strong and deep as ever. Wealth and
Investment Management serves the
family’s personal financial needs, and
Wholesale Banking provides corporate
services such as credit, treasury
management, debt capital markets,
trust, and investment banking to the
Hearst Corporation.
The key to earning deep
and long-lasting relationships
is not only knowing our customers,
but also understanding how they
define financial success. We have
a sincere desire to help them succeed,
and we do so by working across our
many businesses to provide them
with the products and services
they need.
That certainly is the case in our
work with small business customers.
We appreciate the important role
that small businesses play in local
communities and the overall
economy. We have relationships
with approximately 3 million U.S.
small business owners, and in 2015,
we were the top lender of U.S. Small
Business Administration 7(a) loans
in both number of loans and dollars.
Our Wells Fargo Works for Small
Business® initiative, launched in 2014,
provides resources, guidance, and
services for small business owners,
and we are making strong progress
on our goal to extend $100 billion
in new lending to small businesses
by 2018.
One of the most rewarding aspects
of our small business relationships
is helping our customers grow and
contributing to their long-term
success. One such relationship is
with Deschutes Brewery. We provided
entrepreneur Gary Fish with an
initial loan to help open a brewpub
in Bend, Oregon, in 1998. His craft
beer quickly caught on, and today
Gary’s company employs 472 workers
and is 7.9 percent employee-owned.
As Deschutes Brewery grew, we were
with the company every step of the way,
providing capital, cash management,
and a variety of advice and ancillary
services. Now one of our Wholesale
Banking customers, the company
distributes beer — with the tagline
“Born in Bend, Oregon” — in 28 states,
and today is one of the top 10 craft
brewers in the U.S. “We have been with
Wells Fargo from the very beginning,”
Gary says. “They were the ones who
gave us a loan to get started.”
We are a relationship
company, but our
relationships with
customers are only
as strong as our
relationships with
each other.
Earning relationships
with our team members
We are a relationship company,
but our relationships with customers
are only as strong as our relationships
with each other. Products and
technology don’t fulfill the promises we
make to our customers, our people do
— people who are talented, motivated,
and, I believe, more energized than
our competitors.
Take Terri Steup as an example.
Terri is a bank store manager
in Fort Wayne, Indiana, who has
been with our company for more
than 40 years. Terri is a talented
relationship builder with her team,
and her enthusiasm is infectious.
“We are having fun; we are a family!”
she says about her team. Terri also
recognizes the importance of earning
relationships with customers.
Understanding the community’s
diversity, Terri’s team greets customers
in three languages — English, Burmese,
and Spanish — and Terri actively
recruits new team members from
among the Burmese, Vietnamese,
and Hispanic immigrant population
that her store serves.
We have always believed that
our team members are our most
valuable resource, and we want
them to be with us for the long
term. We invest in them by offering
competitive salaries, professional
training and development, leadership
opportunities, and benefits that
include affordable health care
options, work-life balance programs,
401(k) matching contributions,
tuition reimbursement, and
a discretionary profit sharing plan.
We want all our team members
to lead by bringing our vision
and values to life. That is a shared
responsibility — no matter a person’s
position in the company. As we say
in our Vision & Values, we define
leadership as the act of establishing,
sharing, and communicating our
vision, and as the art of motivating
others to understand and embrace
our vision.
Since our success depends on our
team members, we survey them each
year to hear what they think. This is
important because the more connected
team members feel to the company,
the more likely they are to form lasting
relationships with our customers.
In 2015, our overall team member
“engagement” score continued
to increase, measuring 4.25 out
of a possible 5, an increase over
our 2014 score of 4.22. The Gallup
Organization, which conducts our
annual surveys, named Wells Fargo
a “Gallup Great Workplace Award”
winner in 2014 and 2015, which
distinguishes the world’s most
engaged and productive companies.
This recognition is rewarding in that
it reflects our Culture of CaringSM
approach in the relationships our
team members build with our
customers and with each other.
A key part of that approach
is working together, using what’s
in our hearts, not just in our heads,
to care for and earn relationships
with our customers.
A recent letter from a customer
brought home to me the power
of relationships to change lives.
Five years ago, this customer
would regularly come into one
of our Portland, Oregon, bank
stores to cash his paychecks.
He gradually formed a relationship
with Store Manager Ruvim Kruzhkov.






















Our Performance

$ in millions, except per share amounts
2015
2014
% Change
FOR THE YEAR
Wells Fargo net income
$
22,894
23,057
(1)
Wells Fargo net income applicable to common stock
21,470
21,821
(2)
Diluted earnings per common share
4.12
4.10
-
Profitability ratios:
Wells Fargo net income to average assets (ROA)
1.31%
1.45%
(10)
Wells Fargo net income applicable to common stock to average
Wells Fargo common stockholders’ equity (ROE)
12.60
13.41
(6)
Efficiency ratio 1
58.1
58.1
-
Total revenue
$
86,057
84,347
2
Pre-tax pre-provision profit 2
36,083
35,310
2
Dividends declared per common share
1.475
1.350
9
Average common shares outstanding
5,136.5
5,237.2
(2)
Diluted average common shares outstanding
5,209.8
5,324.4
(2)
Average loans
$ 885,432
834,432
6
Average assets
1,742,919
1,593,349
9
Average total deposits
1,194,073
1,114,144
7
Average consumer and small business banking deposits 3
680,221
639,196
6
Net interest margin
2.95%
3.11%
(5)
AT YEAR-END
Investment securities
$ 347,555
312,925
11
Loans
916,559
862,551
6
Allowance for loan losses
11,545
12,319
(6)
Goodwill
25,529
25,705
(1)
Assets
1,787,632
1,687,155
6
Deposits
1,223,312
1,168,310
5
Common stockholders’ equity
172,036
166,433
3
Wells Fargo stockholders’ equity
192,998
184,394
5
Total equity
193,891
185,262
5
Capital ratios 4:
Total equity to assets
10.85%
10.98%
(1)
Risk-based capital:
Common Equity Tier 1
11.07
11.04
-
Tier 1 capital
12.63
12.45
1
Total capital
15.45
15.53
(1)
Tier 1 leverage
9.37
9.45
(1)
Common shares outstanding
5,092.1
5,170.3
(2)
Book value per common share 5
$
33.78
32.19
5
Team members (active, full-time equivalent)
264,700
264,500
-
1 The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

2 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 the

Company’s ability to generate capital to cover credit losses through a credit cycle.

3 Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.

4 See the “Financial Review — Capital Management” section and Note 26 (Regulatory and Agency Capital Requirements) to Financial Statements in this Report for additional information.

5 Book value per common share is common stockholders’ equity divided by common shares outstanding.

6 | 2015 Annual Report
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Ruvim realized that the customer
needed the security of a bank
account despite challenges with
his credit history. He worked with
the customer to open an Opportunity
Checking Account, a type of account
we created especially for customers
with credit challenges. Over the
years, the customer has improved
his credit to qualify for a regular
account, a credit card, and later
a home mortgage and a line of credit
for his growing business. He wrote
to tell me, “I attribute much of that
growth to Ruvim's support over the
years… . All I can say is that there is
a true feeling of care at Wells Fargo.”
We also are on our customers’
side when emergencies occur.
For example, after the Memorial Day
2015 floods in the Houston area,
our company donated $275,000
for relief efforts, and our team
members staffed a specially
designed mobile response unit
six days a week, up to 10 hours
a day, for customers. That allowed
us to provide cash and mortgage
assistance, insurance claim check
processing, and help in starting
the recovery process. We also
provided grants and services
to support disaster-relief efforts
in other areas affected by
devastating events such as
wildfires in the West and in
Alaska, the earthquake in Nepal,
and flooding in South Carolina.
Earning relationships
with our communities
At Wells Fargo, we earn long-term
relationships with our communities
by creating a positive, lasting
connection. We are a Main Street
bank, and we are committed
to strengthening our communities
through our operations, business
practices, employment opportunities,
philanthropy, and community
engagement.
Our team members volunteer their
time and donate to nonprofits and
causes important to them. In 2015,
Wells Fargo team members volunteered
1.8 million hours and contributed
$98.8 million to nonprofits and schools.
United Way Worldwide has ranked
our workplace-giving campaign the
largest in the U.S. each of the past
seven years.
In addition to the generous donations
from our team members, Wells Fargo
is one of the top corporate cash
donors among U.S. companies.
Over the past five years (2011 – 2015),
Wells Fargo has donated $1.4 billion
to support and revitalize communities,
help charitable organizations, and
grow local economies.
In our communities we particularly
focus on social, economic, and
environmental programs and
activities. Here are some examples:
Social: We are focused on supporting
the varied needs of our global
customer base. One of our most
important commitments as
a company is to support those
in the military who have served
or continue to serve our country.
Since 2012, we have donated
more than $66 million in the form
of assistance to nonprofits, education,
job training, and property, including
more than 300 mortgage-free houses
to wounded veterans and their
families. We employ more than
8,000 self-identified veterans and
are committed to hiring more.
Our long-term community
relationship with the Metropolitan
Economic Development Association
(MEDA) is a terrific example of how
we work with nonprofit partners
to strengthen our communities.
Wells Fargo co-founded MEDA
with other business leaders in
1971 in Minneapolis to support the
development of minority-owned
businesses, break down barriers,
and provide equal economic
opportunities.
Since its start, MEDA has helped
more than 19,000 entrepreneurs
and assisted in the start-up
of nearly 500 businesses.
One of its clients, H&B Elevators,
is a subcontractor for the
construction of our new
Minneapolis office buildings.
H&B Elevators, which is African-
American owned, is providing design
and manufacturing services for the
buildings’ elevator cab interiors.
We are delighted to work with
diverse suppliers such as H&B
Elevators and, in 2015, surpassed our
goal of spending at least 10 percent
of our annual procurement budget
with diverse vendors.
Economic: We are focused
on strengthening individuals’
financial knowledge and
opportunities for underserved
communities. We continue
to provide free financial education
courses to thousands of military
members, seniors, small business
owners, and youth each year
through Hands on Banking®,
now in its 13th year. Homeownership
and access to safe, sustainable
housing continue to be critical
community needs. Our team members
have volunteered more than 4.7 million
hours through the Wells Fargo
Housing Foundation since 1993,
mobilizing to build and rehabilitate
nearly 5,600 homes. We also have
long-term relationships with Habitat
for Humanity affiliates across the U.S.
Additionally, our LIFT programs
have helped create more than
10,725 homeowners in 39 communities
since 2012, through more than
$278 million of down payment and
other financial assistance. We’re also
working to create more Hispanic
homebuyers through our support
of the National Association of
Hispanic Real Estate Professionals’
Hispanic Wealth Project. In support
of this project, Wells Fargo Home
Mortgage has a goal of originating
$125 billion in mortgages to our
Hispanic homebuying customers
during the next 10 years by
increasing our presence in diverse
communities, working with referral
sources, and providing products
and programs that support diverse
homeownership.
Environmental: We also work
to accelerate the transition
to a lower-carbon economy





























































































































and reduce the impact of climate
change. Our Environmental Solutions
for Communities five-year grant
program, begun in 2012, has funded
more than $9.8 million in grants
to more than 250 nonprofits to
date that promote conservation
and environmental sustainability
in communities across the U.S.
We work hard to make our
internal operations more efficient
by minimizing waste and using
renewable sources of energy.
Today, more than 20 million
square feet of office space across
418 bank stores and other locations
is Leadership in Energy and
Environmental Design (LEED)
certified. The U.S. Green Building
Council recognized our leadership,
naming us the “green” building leader
among financial institutions in 2015.
More information about our
community efforts is available
in our Corporate Social Responsibility
Report at wellsfargo.com under
“About Wells Fargo.”
Earning relationships
with our shareholders
We also work to build long-term
relationships with our shareholders
and earn their confidence through
our performance over time.
We believe that we attract
shareholders and sustain
relationships through the many
long-term advantages that we offer
investors, including our leading
market share in cornerstone products;
diversified and balanced revenue
sources; strong risk discipline;
experienced management team;
and consistent culture.
These advantages and our
financial performance have enabled
us to continue to return more capital
to our shareholders than in the
previous year. I noted earlier that
in 2015 we returned $12.6 billion
through common stock dividends
and net share repurchases.
Further reinforcing the long-term
nature of our commitment, Wells Fargo
leads in total shareholder return among
our bank peer group over the past
five- and 10-year periods (ended
Dec. 31, 2015).
Actively preparing for the future
While we take great pride in the
relationships we are earning today,
and those we’ve earned over our
history, we are hardly anchored
to the past. The world is changing
rapidly, and one of the ways we
keep the customer at the center
of all we do is by innovating.
In addition to the six priorities
I mentioned earlier, which
we concentrate on daily, we have
identified four drivers that we
believe are critical to our
future success:
Creating exceptional
customer experiences
Customer experience is at the
core of our Culture of Caring focus,
in how we treat our customers and
each other. As our team members
do their jobs, they demonstrate
a positive and caring attitude for
customers every day. This mindset
is so important to our success that
I like to say we hire for attitude and
train for aptitude.
Exceptional customer experiences
also stem from a can-do mindset.
If there’s a better way, we’ll work
hard to find it for our customers.
For example, we enhanced the
account-opening process for our
retail banking customers in 2015
through our “Steps to Better Banking”
program. The program provides
information about how to avoid
service fees, explains choosing and
setting up numerous types of text
alerts, and offers other key resources
— all within an hour of opening
an account.
A third mindset of caring for
our customers is realizing that
at Wells Fargo, we are better together.
That means communicating clearly
with our customers, such as sending
timely alerts on account transactions.
And we provide free retirement
assessments and online educational
resources such as our Smarter
Credit™ center and My Money MapSM,
Total Shareholder Return (annualized)
Ended Dec. 31, 2015
5yr Rank
10yr Rank
Wells Fargo
14.7%
1
8.5%
1
Bank of America
5.4%
11
-7.6%
10
BB&T
10.5%
6
2.7%
5
Capital One
12.4%
2 -0.4%
6
Citigroup
2.0%
12 -18.6%
12
Fifth Third Bancorp
9.2%
8
-3.5%
8
JPMorgan Chase
12.1%
4
7.9%
2
KeyCorp
10.3%
7
-6.3%
9
PNC Financial
11.9%
5
7.1%
3
Services
Regions
7.9%
10
-9.5%
11
Financial
SunTrust
9.1%
9
-3.0%
7
U.S. Bancorp
12.1%
3
6.6%
4
S&P 500 (SPX)
12.5%
7.3%
KBW
9.1%
-1.0%

Nasdaq bank

index (BKX)

Source: Bloomberg, includes share price

appreciation and reinvested dividends

an online tool that enables customers
to track spending, budgeting, and
savings in easy-to-understand charts.
We care deeply for our customers
and want to do all we can to help
them achieve financial success.
Digitizing the enterprise
We continue to make new
technology offerings and channels
available throughout our businesses.
Our customers have responded
enthusiastically to text and email alerts,
payment solutions like Apple Pay™
and Android Pay™, and pilots
of biometric customer authentication
for both business and retail customers
that we expect to roll out later
this year. We introduced the
yourLoanTrackerSM service in 2015
to allow our customers to monitor
the status of their loans throughout
the home-financing process using
their computer, smartphone, or tablet.
We are careful not to create new
technologies in isolation; the value
of innovation is when technology
is aligned. This means that all
of our distribution channels
— locations, phone banks, ATMs,
8 | 2015 Annual Report
2015 Annual Report | 9






























































































































online, and mobile banking —
work together, integrated with
our products, to benefit customers.
In 2015, we brought together
team members from existing
Wells Fargo teams to form a new
Innovation Group, a cross-functional
organization to help keep us at
the leading edge of technological
innovation in financial services.
Key focuses of the Innovation Group
include research and development,
payment strategies, design and
delivery, and analytics.
Making diversity and
inclusion part of our DNA
As a Main Street bank, it’s critical
that our team members reflect the
makeup of our communities so
we can better understand and serve
the different needs of our customers.
Our company is characterized by
diversity — from our board of directors
to customer-facing team members.
Overall, 57 percent of U.S.-based team
members are women, and 41 percent
are ethnically/racially diverse.
Women head two of our four major
businesses, and our board is among
the most diverse in the industry
(44 percent women and 31 percent
ethnically/racially diverse).
Our goals of recognizing and
serving all customers include
those customers with disabilities,
and we are especially focused on
using technology to eliminate
accessibility barriers. We were
the first bank to offer voice-enabled
ATMs to assist our visually impaired
customers, and these ATMs now
speak in English and Spanish.
We also offer credit and debit cards
in Braille.
I am delighted by the recognition
we’ve received by outside organizations
that monitor diversity and inclusion.
For example, in 2015 we were
recognized by DiversityInc as the
No. 1 Company for LGBT Employees,
7th Top Company for Veterans,
and as the 11th Top Company
for Diversity; and by LATINA Style
as the 8th Best Company for Latinas.
Additionally, we received a perfect
score of 100 percent on the 2016
Corporate Equality Index, a national
benchmarking survey and report
on corporate policies and practices
related to LGBT workplace equality.
This is the 13th consecutive year
that Wells Fargo has earned
a 100 percent score.
At Wells Fargo,
every team member
is responsible for
managing risk.
Leading the way in risk management
and operational excellence
Effective risk management practices
help us better serve our customers,
maintain and improve our position
in the market, and protect the
long-term safety, soundness,
and reputation of Wells Fargo.
We understand that trust is the
core of any meaningful relationship.
At Wells Fargo, every team member
is responsible for managing risk.
Protecting our customers’ assets
and providing financial security
are key principles in our risk-focused
culture. We continue to invest heavily
in risk management and information
security to meet our goals of protecting
our customers’ information and
assets, safeguarding our infrastructure
and systems, and setting the global
standard for risk management
excellence among financial institutions.
Operational excellence is part
of our Vision & Values and is a
key driver in the value we provide
shareholders. We apply it at every
level of the company, focusing on
creating sustainable improvement
for our business, enhancing the
customer experience, mitigating
risk, and increasing efficiency.
In closing
Our Annual Report would not
be complete without recognizing
the hard work of our board
of directors. Their knowledge,
experience, and leadership are
integral to Wells Fargo’s success.
I want to acknowledge Judy Runstad,
who will be retiring from the board
at our annual meeting of stockholders
in April. Judy joined our board in
1998, and she has been an outstanding
director. We will miss her many
contributions, and I thank her
for her service.
As our company moves forward,
we will continue to focus on earning
and building lifelong relationships.
That is how we have done business
for the past 164 years, and that focus
is at the heart of our culture.
I am thankful for the leadership
of 265,000 team members who are
focused on creating and sustaining
relationships with our customers
and on putting our customers’
interests first. And I thank customers
for allowing us to help them with their
financial needs. I am grateful to our
community partners that work
with us to improve our communities.
And I appreciate our shareholders,
who show their trust by investing
in our company.
Thanks for your part in allowing
us to earn and nurture the relationships
that are core to both our past and
future successes.
John G. Stumpf
Chairman and Chief Executive Officer
Wells Fargo & Company
February 1, 2016

10 | 2015 Annual Report
Julian Salazar and Paulette Drake
Portland, Oregon
2015 Annual Report | 11

















Building confidence
when ‘it isn’t easy
to talk about money’
Paulette and Chris Drake
Retirees Paulette and Chris Drake
live on a fixed income and realized they
needed help budgeting. They knew online
tools were an option, but entering their
financial information on a website they
weren’t familiar with was a concern.
Enter Personal Banker Julian Salazar,
who met with Paulette and Chris at their
local Wells Fargo in Portland, Oregon.
He introduced them to a Wells Fargo
online tool to help the couple track
their spending.
“Julian took the time on that first
visit — and subsequent visits —
to answer my questions,” Paulette
said. “I loved that he really listened
to me and made me feel comfortable.
That’s so important, because it isn’t
easy to talk about money.”
Julian found it easy to connect
with the Drakes because he, too,
uses Budget Watch, part of Wells Fargo’s
free online tool My Money MapSM.
Having moved to Portland for better
Paulette Drake
medical care for his young son,
Julian said the tool has helped
his family manage its money
more effectively.
Once they gained confidence
using Budget Watch, the Drakes set
budgeting goals and said they found
it easier to manage transactions online.
A year later, Paulette said, “It’s taken
a lot of pressure off of me because
I don’t have to manually calculate our
budget and save every receipt. Along
with Julian’s guidance, it’s helped ease
our financial concerns.”
Because they’re now tracking their
spending online, they say they’re
more confident about the future.
Julian checks in with the Drakes
each quarter to discuss their financial
goals and how they’re doing. He said,
“I’m just glad the Drakes benefit from
our guidance and online tools.”
Learn more at wellsfargo.com/stories.
2015 Annual Report
12 |
John Martinelli
Watsonville, California

2015 Annual Report | 13




Fruits of family’s
labor: From seed
to sparkling success
John Martinelli
In 1859, Stephen G. Martinelli moved
from Switzerland to California’s fertile
Central Coast, where his brother had
started farming apples a few years
earlier. Because they didn’t have a way
to preserve apple juice, Stephen started
to experiment with hard apple cider
and developed an effervescent version.
Today, Stephen’s great-grandson,
John, runs S. Martinelli & Company,
a Wells Fargo customer best known
for Martinelli’s Gold Medal apple juice
and nonalcoholic sparkling ciders.
“My grandfather, Stephen G. Martinelli
Jr., also was a pioneer. A couple
years before Prohibition would have
rendered our primary product illegal,
he developed a pasteurization process
to preserve apple juice products,”
said John. “If it wasn’t for his work,
we wouldn’t have been able to transition
to a nonalcoholic sparkling cider,
which is now our No. 1 product.”
Wells Fargo has worked with
S. Martinelli & Company for more
than 100 years — from when it was
a small, regional producer to today
as a major national brand with export
markets in Mexico, South Korea,
Canada, Japan, and elsewhere.
“The Wells Fargo team has served
us really well — even internationally
— as we prepare to directly manage
potential currency risks,” said CFO
Gun Ruder.
John said, “Wells Fargo has helped
fund every one of our major projects,
including property purchases,
buildings, bottling equipment,
and apple presses, as well as
working capital needs.”
As S. Martinelli & Company
looks to vertically integrate and
expand its operations, Wells Fargo
has been a valuable consultant.
Relationship Manager Ryan
Pacheco said, “We’ve been talking
with Martinelli’s about agriculture
lending and lines of credit for
crops, which can be essential
as the company integrates its
growing operations to secure
its apple supply.”
Gun concluded, “Wells Fargo
is flexible and responsive and
has developed an excellent
understanding of our business.”
Learn more at wellsfargo.com/stories.
Gun Ruder, Ryan Pacheco,
and John Martinelli
14 | 2015 Annual Report

Shyam A. Maharaj
Fort Lauderdale, Florida
2015 Annual Report | 15


Refinancing paves the
road to more savings —
and a second car
Shyam Maharaj
As a physical therapist who sees patients
in their homes, Shyam A. Maharaj had
put a good deal of wear and tear on his
sport utility vehicle while making house
calls. As a result, he thought it was time
to get a second car to avoid wearing
out the SUV.
In his quest to find the best used
vehicle, Shyam credits Wells Fargo’s
Kyle Fleeger, an auto-loan sales
consultant, who helped at every step
along the way. Shyam said he even
called Kyle while he was on the road,
shopping for a car, to check on pricing
and the vehicle’s value, and ultimately
to make sure his preapproval would
cover the car he was considering.
“It was very convenient for me,
given that I work long hours and
have to travel all over for my job.
It was great working with Kyle
on the phone,” said Shyam.
Shyam’s first priority was to find
a way to afford a second vehicle.
So Kyle helped him refinance his
SUV loan and save enough money
to make another vehicle possible.
Shyam, who lives in Fort Lauderdale,
Florida, said at first he didn’t even
realize that Kyle worked 2,300 miles
away in Chandler, Arizona.
A telephone sales specialist for
an inbound and outbound sales
team, Kyle said more of his customers
are using phone sales and support
in the car-buying process. “We put
them in a position to have some fun
in their shopping,” he said.
“Kyle went above and beyond
what I could have hoped for
in dealing with my situation,”
said Shyam, a long-time Wells Fargo
customer. “He took the time to research
everything, and I knew he was really
working hard on what I needed.”
Learn more at wellsfargo.com/stories.
16 | 2015 Annual Report

Larry Chavez
Albuquerque, New Mexico
2015 Annual Report | 17


Banking relationship

and business grow in

tandem over the years

Larry Chavez and
Laurie Cini-Donovan
Larry Chavez’s relationship with

his bank is as old as his business,

Dreamstyle Remodeling of Albuquerque,

New Mexico. And since 1989, both his

business and his relationship with

Wells Fargo have flourished.

“The day I started this company,

I opened an account at Wells Fargo,”

Larry said. “We’ve had pretty dramatic

growth since, and Wells Fargo has been

an important collaborator throughout.”

In the past five years, the home-

remodeling company has expanded

from 110 employees to 360, and annual

sales have increased substantially.

Wells Fargo helped finance the

company's recent expansion into

Southern California, Arizona, Idaho,

and west Texas, which included three

new facilities.

Just like the customers who

want to enhance their homes for

the future, Larry is intent on securing

Dreamstyle Remodeling’s future.

“We’re very focused on the company’s

succession, and we have the best people

in place to lead us,” Larry said.

Wells Fargo plays a big role
in the company’s future, he said,
noting that bankers Katrina Tracy
and Laurie Cini-Donovan “know my
business inside and out, and they’re
responsive to all my business needs.”
Dreamstyle Remodeling’s relationship
with Wells Fargo stretches from multiple
commercial accounts to financing,
merchant services, personal accounts,
and investments. The company also
relies on Wells Fargo to provide
consumer finance options to
its customers.
“It goes beyond the bank accounts
and financing,” Larry said. “Everything
we’ve done with Wells Fargo has
increased our efficiency.”
Laurie said, “Knowing his business
so well has deepened our relationship.
Larry sees the potential and benefits
in thinking of us as if we were true
business consultants.”
Learn more at wellsfargo.com/stories.
Larry Chavez


18 | 2015 Annual Report
Jaejung and
Gary Cohen
Livingston, New Jersey
2015 Annual Report | 19






House hunters find the

one, with an assist from

halfway across the U.S.

Gary Cohen and daughter Jyetta
Gary and Jaejung Cohen of Livingston,
New Jersey, hunted relentlessly for the
right house with just the right features
in the school district they wanted for
their two young daughters. Twice they
canceled contracts for houses they
decided ultimately didn’t quite
measure up to their expectations.
The third time was a charm, however,
thanks, in part, to Wells Fargo’s
Shane Parker and Brittany Taylor —
both halfway across the U.S.
in Des Moines, Iowa.
“We had worked with Shane as our
mortgage consultant six years ago
when we refinanced our home,”
said Gary, a lawyer in metro New York.
“It went so well then that we called him
again this time for a preapproval —
even before we started house shopping.
He helped it go smoothly.”
Once the Cohens had made an offer
on a home, Brittany, a loan processor,
helped them streamline their
paperwork using an online tool
Jaejung Cohen and daughter Rayel
called yourLoanTracker℠. The tool
lets customers check the status
of their mortgage on their computers
or mobile devices. The Cohens also
used the tool to electronically file
select documents and received
email and text alerts about
important milestones.
Jaejung, a risk manager for
an insurance company, said,
“Shane and Brittany did a great
job of working with us throughout
the process.”
Shane said, “As phone-based
mortgage consultants, we find
that our role is growing every day
as we preserve the human touch
with customers while also using
technology to shorten the distance
between us. We have the ability not
only to help customers walk through
the process, but also to put more time
into building relationships with them,
which is just as important.”
Learn more at wellsfargo.com/stories.
20 | 2015 Annual Report


Paul Hartman and

Cheryl Beckman

Louisville, Kentucky
2015 Annual Report | 21















Smooth transition
of retirement plan
goes down easy
Andrew Simon and Cheryl
Beckman
When a company is helping its
employees plan for a comfortable
retirement, establishing trust
is essential.
That’s one reason Brown-Forman ���
an American-owned spirits and
wine company in Louisville, Kentucky
— chose Wells Fargo Institutional
Retirement and Trust as its 401(k)
plan provider.
“Wells Fargo made our more than
4,100 employees feel at ease,”
said Cheryl Beckman, director
of Global Benefits at Brown-Forman,
“tailoring transition communications
based on where they are in their careers.”
Wells Fargo’s Paul Hartman said
there are a lot of synergies between
the two companies “in terms of how we
view our relationships with customers,
vendors, and team members.”
Brown-Forman, founded in 1870, is the
maker of many spirit brands, such as
Jack Daniel’s, Old Forester, Woodford
Reserve, Finlandia Vodka, Sonoma–Cutrer
wines, and others. The company started
working with Institutional Retirement
and Trust in 2014 after more than
a decade of working with the
Corporate Banking team on lines
of credit and foreign exchange.
Together, Brown-Forman and
Wells Fargo devised detailed
communication plans, including
informational sessions for employees
at all the company’s major locations,
from corporate offices to barrel-making
facilities to vineyards. Some sessions
were conducted in both English
and Spanish.
Andrew Simon, Brown-Forman’s
director of People Development
and Rewards, said, “We’re a growing
company but have a small-company
feel and strive to provide a premium
experience for our employees. So giving
them multiple ways to learn about
retirement planning was important.”
That, plus enhanced plan options
such as the addition of a Roth
feature and an employer-matching
contribution, led to success:
Brown-Forman has seen an
11 percent increase in employees
raising their contribution percentage
to take advantage of the full
company match.
“When Wells Fargo commits
something to us, it’s going to
happen,” Andrew said.
Learn more at wellsfargo.com/stories.
Paul Hartman, Cheryl Beckman
and Andrew Simon
22 | 2015 Annual Report

Karen Spotted Tail
Rosebud, South Dakota
2015 Annual Report | 23





Teaming up to bring
affordable solar power
Karen Spotted Tail
to the people

In a six-year period, members of the
Rosebud Sioux Tribe in South Dakota
saw their electricity costs increase
by 50 percent. As a result, Karen
Spotted Tail, a member of the tribe,
struggled to pay her bills.
In October 2015, GRID Alternatives —
a nonprofit that makes renewable
energy accessible to low-income
communities — donated and installed
solar panels on Karen’s roof. After two
months, the cost of her utilities had
dropped significantly.
Such success has helped create
awareness of solar energy across
the tribal community, according
to Ken Haukaas, a consultant for
the tribe’s utility commission.
GRID Alternatives also provides
job training and employment
opportunities in solar installation.
Since 2007, Wells Fargo has provided
the organization with $4 million
in grants, helping it expand services
from its home base in California
to locations across the U.S.
And Wells Fargo team members
have joined in as well. They have
helped install panels for 58 families
and volunteered more than 3,500 hours
in the past 10 years.
Erica Mackie, GRID Alternatives
CEO and co-founder, said, “Wells Fargo
is a long-term supporter and a trusted
advisor, helping us expand our reach
to make renewable energy accessible
to people who need it most.”
Karen said, “I just wish everybody
could receive this help.”
Learn more at wellsfargo.com/stories.
2015 Annual Report
24 |
Darnell Shields
Chicago, Illinois
2015 Annual Report | 25








Adopting a neighborhood:

Where rough streets rule,

revitalization now resides

Darnell Shields, Lisa Johnson,
and United Way's Wendy DuBoe
In one of Chicago’s most economically
challenged neighborhoods, residents
and community groups have teamed
up to change its reputation.
“As the westernmost neighborhood
of the city, Austin is the gateway
to Chicago for many,” said Darnell
Shields of the nonprofit Austin
Coming Together. “We want to live
up to the greatness of our city.”
One focus is on improving
student success in third grade, a key
indicator of educational advancement.
But instead of looking solely at student
achievement, organizers are taking
a long-term, comprehensive approach
— understanding that preparing kids
for success in school starts with
access to quality day care, economic
opportunities for family members,
and a safe neighborhood.
Wells Fargo has joined the effort,
donating $300,000 to United Way
of Metropolitan Chicago’s
Wendy DuBoe, Lisa Johnson,
and Darnell Shields
Neighborhood Network Initiative,
which supports the work of more than
60 community organizations in Austin,
led by Austin Coming Together. 
“We want to make a real difference
in Austin,” said Lisa Johnson,
Wells Fargo Commercial Banking
Midwest division manager. “Building
up this community is one way we can
bring to life everything we value
as a company.”
And aside from financial support,
Wells Fargo team members also
actively volunteer — at Austin
schools, health care providers,
food banks, job readiness programs,
and more. In fact, local team members
have selected the neighborhood
as the beneficiary of a majority
of their philanthropic and
community support efforts.
Learn more at wellsfargo.com/stories.

 
Corporate Social

Responsibility Highlights

Caring for our communities is part of our culture. We strive to create a positive, 
lasting impact — socially, environmentally, and economically — through earning 
lifelong relationships with community partners and other stakeholders.
U.S. Military
Dry
Cleaner
Recreation 
Center
Utilities
Company
School
Condo
Local Shop
$15B
in environmental 
loans and 
investments 
in 2015
30%
reduction in absolute greenhouse 
gas emissions since 2008 and 
$1.2B
spent with 
diverse 
suppliers 
in 2015, 
representing 
12 percent 
of our annual 
procurement 
budget
$7B
in community development loans and investments 
in 2015 to support low­ and moderate­income neighborhoods
$281.3M
donated to 
nonprofits
in 2015 
$278M
committed to 
Wells Fargo 
LIFT programs 
since 2012, 
helping more 
than 10,725 
people and 
families buy 
homes
20%
of total square footage in leased 
and owned buildings is LEED certified 
$18.8B
in new loan 
commitments 
extended to small 
business customers* 
in 2015
8,000
team members 
identify as military 
veterans, including 
1,542 hired in 2015
47% increase in water efficiency 

since 2012

For more information, please visit wellsfargo.com/about/csr/reports.
* Primarily businesses with annual revenues less than $20 million
26 | 2015 Annual Report
2015 Annual Report | 27

















 










Board of Directors

John D. Baker II 1, 2, 3
Executive Chairman
FRP Holdings, Inc.
Jacksonville, Florida
(Real estate management)
Elaine L. Chao 3, 4
Former U.S. Secretary of Labor
Washington, D.C.
(U.S. government)
John S. Chen 6
Executive Chairman, CEO
BlackBerry Limited
Waterloo, Ontario, Canada
(Wireless communications)
Lloyd H. Dean 2, 5, 6, 7
President, CEO
Dignity Health
San Francisco, California
(Healthcare)
Elizabeth A. Duke 3, 4, 7
Former member of Federal
Reserve Board of Governors
Virginia Beach, Virginia
(U.S. regulatory agency)
Susan E. Engel 3, 4, 6
Retired CEO
Portero, Inc.
New York, New York
(Online luxury retailer)
Enrique Hernandez Jr. 2, 4, 7
Chairman, CEO
Inter-Con Security Systems, Inc.
Pasadena, California
(Security services)
Donald M. James 4, 6
Retired Chairman
Vulcan Materials Company
Birmingham, Alabama
(Construction materials)
Cynthia H. Milligan 2, 3, 5, 7
Dean Emeritus
College of Business Administration
University of Nebraska
Lincoln, Nebraska
(Higher education)
Federico F. Peña 1, 2, 5, 7
Senior Advisor
Vestar Capital Partners
Denver, Colorado
(Private equity)
James H. Quigley 1, 3, 7
CEO Emeritus
Deloitte
New York, New York
(Audit, tax, financial advisory)
Standing Committees 1. Audit and Examination 2. Corporate Responsibility 3. Credit 4. Finance
5. Governance and Nominating 6. Human Resources 7. Risk * Lead Director
Judith M. Runstad 2, 3, 4
Of Counsel
Foster Pepper PLLC
Seattle, Washington
(Law firm)
Stephen W. Sanger * 5, 6, 7
Retired Chairman
General Mills, Inc.
Minneapolis, Minnesota
(Packaged foods)
John G. Stumpf 
Chairman, CEO
Wells Fargo & Company
San Francisco, California
Susan G. Swenson 1, 5
Chair, CEO
Novatel Wireless, Inc.
San Diego, California
(Wireless solutions)
Suzanne M. Vautrinot 1, 3
President

Kilovolt Consulting, Inc.

San Antonio, Texas

(Cyber and technology

consulting)

Executive Officers and Corporate Staff

Wells Fargo Operating Committee

pictured (left to right):

Carrie L. Tolstedt, John R.

Shrewsberry, Avid Modjtabai,

Timothy J. Sloan, John G.

Stumpf, James M. Strother,

David M. Carroll, David M.

Julian, Hope A. Hardison,

and Michael J. Loughlin

* “Executive officers” according
to Securities and Exchange
Commission rules
John G. Stumpf
Chairman and CEO *
Anthony R. Augliera
Corporate Secretary
J. Rich Baich
Chief Information
Security Officer
Neal A. Blinde
Treasurer
Karl E. Byers
Head of Enterprise Risk
Jon R. Campbell
Head of Government and
Community Relations
Julie Circio Caperton
Head of Corporate
Development
David M. Carroll
Head of Wealth and
Investment Management *
Christine A. Deakin
Head of Corporate Strategy
Scott A. Dillon
Chief Technology Officer
Stephen M. Ellis
Head of Innovation Group
Gerald A. Enos Jr.
Head of Operations
Derek A. Flowers
Chief Credit Officer
Hope A. Hardison
Chief Administrative
Officer, Human Resources
Director *
Richard C. Henderson
Head of Corporate
Properties
Yvette R.
Hollingsworth Clark
Chief Compliance Officer
David M. Julian
Chief Auditor
Richard D. Levy
Controller *
Michael J. Loughlin
Chief Risk Officer *
Avid Modjtabai
Head of Consumer Lending *
Jamie Moldafsky
Chief Marketing Officer
Kevin D. Oden
Chief Market Risk Officer
Joseph J. Rice
Chief Operational
Risk Officer
James R. Richards
Bank Secrecy Act Officer
and Head of Financial
Crimes
Charles D. Roberson
Head of Enterprise
Efficiency
James H. Rowe
Head of Investor Relations
Eric D. Shand
Chief Loan Examiner
John R. Shrewsberry
Chief Financial Officer *
Timothy J. Sloan
President, Chief Operating
Officer, Head of Wholesale
Banking *
James M. Strother
General Counsel *
Oscar Suris
Head of Corporate
Communications
A. Charles Thomas
Chief Data Officer
Carrie L. Tolstedt
Head of Community
Banking *
28 | 2015 Annual Report





















































































































































Senior Business Leaders

COMMUNITY BANKING
Group Head
Carrie L. Tolstedt
Deposit Products Group
Daniel I. Ayala, Global
Remittance Services
Edward M. Kadletz, Debit
and Prepaid Products
Wells Fargo Virtual Channels
James P. Smith
Regional Banking
Regional Presidents
Michelle Y. Lee, Eastern
Scott Coble, Florida
Joe A. Atkinson, South Florida
David Guzman, West Florida
Derek L. Jones, Central Florida
Kelly A. Smith, North Florida
Darryl Harmon, Southeast
Leigh Vincent Collier, Mid-South
Michael S. Donnelly, Atlanta
Chadwick A. (Chad) Gregory,
Greater Georgia
Kathy J. Heffley, South Carolina
Forrest R. (Rick) Redden III, Atlantic
Kendall K. Alley, Carolinas West
Andrew M. Bertamini, Maryland
Ravi Chandra, Western Virginia
Jack O. Clayton, Piedmont East
Michael L. Golden, Greater
Washington D.C.

Glen M. Kelley, Greater Virginia

Larisa F. Perry, Northeast

Frederick A. Bertoldo, Northern

New Jersey

Joseph F. Kirk, New York,

Connecticut

Brenda K. Ross-Dulan, Southern

New Jersey

Gregory S. Redden, Greater

Philadelphia, Delaware

Gregory S. White, Greater

Pennsylvania

John K. Sotoodeh, Southwest

Pamela M. Conboy, Arizona,

Utah, Nevada
Deborah (Dee) E. O’Donnell, Utah
Kirk V. Clausen, Nevada
John T. Gavin, Dallas-Fort Worth
Darryl Montgomery, Houston
Lisa J. Riley, New Mexico,
Western Border
Jeffrey Schumacher, Central Texas
Kenneth A. Telg, Greater Texas
Lisa J. Stevens, Pacific Midwest
Ben F. Alvarado, Southern California
Celia C. Lanning, Greater San Diego
David DiCristofaro, Greater Los
Angeles
Marla M. Clemow, Los Angeles Metro
James W. Foley, Pacific North
Tracy Curtis, Oregon
Joseph C. Everhart, Alaska
Gregory L. Morgan, San Francisco
Micky S. Randhawa, Greater Bay
Patrick G. Yalung, Washington
David A. Galasso, Northern and
Central California
Reza Razzaghipour, Pacific Coast
Jeff S. Rademann, Santa Clara Valley
David R. Kvamme, Great Lakes
Mary E. Bell, Indiana, Ohio
Sang Kim, Wisconsin, Michigan
Donald (Joe) Ravens, Minnesota
Frank Newman III, Rocky Mountain
Joy N. Ott, Montana, Wyoming
Don M. Melendez, Idaho
Donald J. Pearson, Great Plains
Kirk L. Kellner, Tristate
Daniel P. Murphy, North Dakota,
South Dakota
Marc Bernstein, Enterprise
Small Business Segment
Todd Reimringer, Business
Payroll Services
CONSUMER LENDING
Group Head
Avid Modjtabai
Consumer Credit Solutions
Shelley S. Freeman
Dan L. Abbott, Retail Services
Beverly J. Anderson,
Consumer Financial Services

John P. Rasmussen,

Personal Lending Group

Dealer Services
Dawn Martin Harp
Jerry Bowen, Commercial Dealer Services
William Katafias, Indirect Auto Finance
Home Lending
Franklin R. Codel
Bradley W. Blackwell, Portfolio Lending
Michael J. DeVito, Mortgage Production
Perry J. Hilzendeger,
Home Lending Servicing

Peter R. Diliberti, Capital Markets

WEALTH AND INVESTMENT
MANAGEMENT
Group Head
David M. Carroll
Darrell L. Cronk, Wells Fargo
Investment Institute

Mary T. Mack, Wells Fargo Advisors

Michael J. Niedermeyer, Wells Fargo

Asset Management

John M. Papadopulos, Retirement

James P. Steiner, Abbot Downing

Jay S. Welker, Wealth Management

WHOLESALE BANKING
President, Chief Operating Officer,
Group Head
Timothy J. Sloan
Commercial Banking, Corporate
Banking, Business Banking Group,
Government & Institutional Banking,
and Treasury Management
Perry G. Pelos
John C. Adams, Commercial Banking
MaryLou Barreiro,
Specialty Industry Banking
Sanjiv Sanghvi, Western Region
Dave R. Golden, Mountain Division
Paul D. Kalsbeek, Southern Region
John P. Manning, Eastern Region
Laura S. Oberst, Central Region
Kyle G. Hranicky,

Corporate Banking Group

J. Nicholas Cole, Wells Fargo Restaurant
Finance; Gaming Division
James D. Heinz, U.S. Corporate Banking;
Healthcare Group
Bart Schouest, Energy & Power Groups
John R. Hukari, Equity Funds Group
Brian J. Van Elslander,
Financial Sponsors Group
Daniel P. Weiler,
Financial Institutions Group
Hugh C. Long, Business Banking Group
David L. Pope, Business Banking Sales
and Service
Donna J. Serres, SBA Lending
Dean A. Rennell,
Southwest Division Manager
Don A. Fracchia,
Midwest Division Manager
Lucia D. Gibbons,
East Division Manager
Daniel C. Peltz, Treasury
Management Group
Debra B. Rossi, Merchant Services
David B. Trotter, Treasury Management
Sales & Delivery
Keith K. Theisen,
Treasury Management Products
Secil T. Watson,
Wholesale Internet Solutions
Phil D. Smith, Government and
Institutional Banking
Erin S. Gore, Education and
Nonprofit Banking
William H. Morgan, Healthcare
Financial Services
Kathleen S. McClure-Wight,
Government Banking West
Lee M. Hanna,
Government Banking East
Mara Holley, Government Banking,
Specialty Sectors
Marty Bingham, WFS Sales & Trading
Peter Hill, Public Finance
Commercial Real Estate
Mark L. Myers
William M. Cotter, Northeast Region
Christopher J. Jordan, Hospitality Finance
and Senior Housing

Michael F. Marino,

Southern California Region
David M. Martin, New York Metro Region
Robin W. Michel, Southwest Region and
Homebuilder Banking
Gregory J. Wolkom, REIT Finance
William A. Vernon, Midwest, Southeast,
International Region and Real Estate
Merchant Banking
Cynthia Wilusz Lovell, Northwest Region
Insurance Group
Laura L. Schupbach
Kevin M. Brogan, Property and
Casualty National Practice and
Safehold Special Risk
Jack S. (Sam) Elliott Jr., West Region,
Insurance Brokerage and Consulting
Peter