Exhibit 99.1

News Release

Corporate Communications

WELLS FARGO FORMS NEW BUSINESS GROUP FOCUSED ON

PAYMENTS, VIRTUAL SOLUTIONS AND INNOVATION

Appoints new members to Operating Committee;

elevates new leaders for Wholesale Banking and Consumer Lending

SAN FRANCISCO, October 10, 2016 – Wells Fargo & Co. (NYSE: WFC) today announced the formation of a new Payments, Virtual Solutions and Innovation group and the appointment of new senior leaders to its Operating Committee.

The Operating Committee is led by John Stumpf, chairman and chief executive officer. Effective November 1, the following leaders will assume new or expanded roles, will serve on Wells Fargo’s Operating Committee, and will report to Tim Sloan, president and chief operating officer.

Avid Modjtabai, head of Payments, Virtual Solutions and Innovation

“Wells Fargo has been innovating for 164 years and our scale, breadth of capabilities and significant talent already provide differentiated value for our customers,” said Sloan. “Creating this new group will significantly enhance our ability to transform products, services and technologies to deliver simple, reliable and compelling new experiences for today’s and tomorrow’s customers.”

Franklin Codel, head of Consumer Lending

Perry Pelos, head of Wholesale Banking

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David Carroll, head of Wealth and Investment Management, and Mary Mack, head of Community Banking, will continue to report to Sloan. Carroll currently serves on the Operating Committee, and Mack will join effective November 1.

In addition to Carroll and Modjtabai, who report to Sloan, the Operating Committee currently includes these individuals reporting to Chairman and Chief Executive Officer, John Stumpf:

“There is nothing more important to our leadership team than for our customers and clients to be proud of banking with us,” said Sloan. “I have huge confidence in our leadership team and believe these new appointments will enable us to manage our business, and engage with our customers and clients in compelling ways as we serve their varied and evolving needs.”

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Stories.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking 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 information about factors that could cause actual results to differ materially from our expectations, refer to our 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, 2015, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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