Wells Fargo & Company (WFC) 8-K Results of Operations and Financial Condition

Exhibit 99

Media	Investors
Janis Smith	Bob Strickland
(415) 396-7711	(415) 396-0523

Tuesday, April 17, 2007
WELLS FARGO REPORTS RECORD QUARTERLY REVENUE, EPS,
NET INCOME

• Record diluted earnings per share of $0.66, up 10 percent from prior year’s $0.60, up 13 percent (annualized) from fourth quarter 2006

• Record net income of $2.24 billion, up 11 percent from prior year’s $2.02 billion, up 12 percent (annualized) from fourth quarter 2006

• Record revenue up 10 percent from prior year

• Average loans up 12 percent (annualized) from prior quarter, up 3 percent from prior year; up 13 percent from prior year excluding real estate 1-4 family first mortgages

• Average core deposits* up 10 percent from prior year, up 9 percent (annualized) from prior quarter

• Net interest margin of 4.95 percent, up 10 basis points from prior year, up 2 basis points from prior quarter

	Quarter ended
	Mar. 31		,	Dec. 31		,	Mar. 31		,
	2007			2006			2006
Earnings
Diluted earnings per share	$	0.66		$	0.64		$	0.60
Net income (in billions)		2.24			2.18			2.02
Asset Quality
Net charge-offs as % of avg. total loans		0.90	%		0.92	%		0.56	%
Nonperforming assets as % of total loans		0.82			0.76			0.60
Other
Revenue (in billions)	$	9.44		$	9.41		$	8.56
Average loans (in billions)		321.4			312.2			311.1
Average core deposits* (in billions)		290.6			283.8			257.5
Net interest margin		4.95	%		4.93	%		4.85	%

* See Footnote 2 to Summary Financial Data, page 11.

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SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported record diluted earnings per common share of $0.66 for first quarter 2007, up 10 percent from $0.60 in first quarter 2006. Net income was a record $2.24 billion, up 11 percent from $2.02 billion in first quarter 2006.

“Once again, our talented team delivered outstanding, industry-leading results with solid double-digit growth in revenue, net income and earnings per share,” said Chairman and CEO Dick Kovacevich. “We achieved this broad-based, record breaking performance despite a downturn in some housing markets and a flat to inverted yield curve because our team members, guided by our vision and values, are relentlessly focused on satisfying all our customers’ financial needs and helping them succeed financially. By collaborating together effectively as ‘One Wells Fargo,’ they’re also, instinctively and naturally, putting what’s best for the customer first and thus making it easier and adding greater value for our customers to do more business with us. As a result of our outstanding financial performance and conservative risk management, Wells Fargo Bank, N.A. is now the only U.S. bank, and one of only two worldwide, to have the highest credit rating from both Moody’s Investors Service and Standard & Poor’s Ratings Services.”

Financial Performance
Diluted earnings per share were a record $0.66, up 10 percent from $0.60 earned in first quarter 2006 and up 13 percent (annualized) from $0.64 in fourth quarter 2006. “We are very pleased to report, once again, solid, double-digit growth and record results,” said Chief Financial Officer Howard Atkins. “In the last five years, Wells Fargo has grown earnings per share at a double-digit pace in 17 of the past 20 quarters. The results in first quarter 2007 were notable for the balance across our broadly diverse business segments, for continued improvement in operating margins, and for a modest decline in net credit losses from fourth quarter levels. In terms of business performance, growth was once again well balanced between consumer and commercial with most of our 80 plus businesses producing double-digit earnings or revenue growth in the quarter. In terms of operating margins, net interest margin improved to 4.95 percent, up 10 basis points from a year ago; return on assets, which includes credit costs, improved to 1.89 percent, up 17 basis points from a year ago; operating leverage was positive with revenue growth of 10 percent exceeding 9 percent expense growth; and return on equity remained strong at 19.7 percent, among the best in the industry. Earnings growth and operating margins were solid and improved in first quarter, despite an increase in nonperforming assets and credit charge-offs from a year ago, reflecting in large part our ongoing discipline in managing our businesses and balance sheet for industry-leading risk-adjusted returns.”

Revenue
Revenue of $9.4 billion was another record, up $886 million, or 10 percent, from a year ago. “Community Banking and Wholesale Banking revenue growth was 12 percent and 15 percent, respectively, reflecting the strength and balance of our business model,” said Atkins. Businesses with double-digit, or near double-digit, year-over-year revenue growth included commercial banking, asset-based lending, asset management, international/trade finance, capital markets, real estate brokerage, business direct, wealth management, card services, home equity lending, personal credit management, corporate trust and home mortgage. Year-over-year revenue growth was driven by growth in net interest income and particularly strong increases in fee income across products and services, reflecting continued growth in cross-sell. “Given the deterioration in the nonprime mortgage market during the first quarter, we took a number of actions that reduced revenue by approximately $90 million (pre tax), including reducing the carrying value of all nonprime loans in our mortgage warehouse and providing for additional estimated early payment default losses on securitized mortgages. In addition, given the decline in mortgage rates during the quarter, revenue was reduced

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by $34 million (pre tax) reflecting the decline in the value of mortgage servicing rights net of hedging,” said Atkins.

Loans
Average loans increased $10.3 billion, or 3 percent, to $321.4 billion from a year ago. Excluding real estate 1-4 family first mortgages – the loan category affected by the sales of adjustable rate mortgages (ARMs) last year – total average loans grew by $30.2 billion, or 13 percent, from first quarter 2006. On a linked-quarter basis, average total loans grew $9.3 billion, or 12 percent (annualized). Since the ARM sales were completed prior to fourth quarter 2006, the 12 percent (annualized) linked-quarter loan growth was not impacted by any ARM sales.

Average commercial and commercial real estate loans increased $12.3 billion, or 11 percent, from first quarter 2006 and increased $3.5 billion, or 12 percent (annualized), from fourth quarter 2006, marking the 10^th consecutive quarter of double-digit, year-over-year commercial loan growth. Middle market lending, specialized financial services, commercial real estate, small business lending (Business Direct) and asset-based lending all had double-digit loan growth from first quarter 2006.

Average consumer loans decreased $2.8 billion from first quarter 2006 due to the previous sales of ARMs. Excluding real estate 1-4 family first mortgages, average consumer loans increased $17.1 billion, or 14 percent, from a year ago. Average real estate 1-4 family junior lien mortgages, credit card, and other revolving credit and installment loans grew at double-digit rates from a year ago. On a linked-quarter basis, average consumer loans grew 12 percent (annualized).

Deposits
Average core deposits increased $33.1 billion, or 13 percent, to $290.6 billion year over year and increased 10 percent (annualized) on a linked-quarter basis. Core deposits now include certain funds that were previously swept into non-deposit products. Including only the growth in these funds from the date of conversion to deposits, average core deposits grew 10 percent year over year and 9 percent (annualized) on a linked-quarter basis.

Average mortgage escrow deposits were $20.6 billion, up $5.1 billion from first quarter 2006 and up $0.4 billion on a linked-quarter basis. Average retail core deposits grew $9.9 billion, or 5 percent, from first quarter 2006 and increased $3.7 billion, or 7 percent (annualized), on a linked-quarter basis. Average net new consumer checking accounts grew 5.2 percent from first quarter 2006.

Net Interest Income
Net interest income increased 3 percent from first quarter 2006 driven by a one percent increase in average earnings assets and a 10 basis point increase in the net interest margin. The completion of the sales of ARMs and lower-yielding investment securities last year reduced the earning asset growth rate year over year, but also helped boost net interest margin. Net interest margin continued to benefit from growth in core deposits. On a linked-quarter basis, net interest income was down $40 million, or 3 percent (annualized), largely due to two fewer days in the quarter, and a decline in the mortgage loan warehouse. On a linked-quarter basis, net interest margin increased two basis points to 4.95 percent.

Noninterest Income
Noninterest income increased $746 million, or 20 percent, from first quarter 2006. “Growth in fee income was strong across the board, reflecting our ongoing success in cross-selling products and services to both consumer and commercial relationships,” said Atkins. Deposit service fees rose 10 percent reflecting solid growth in deposit balances and accounts; trust and investment fees rose

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10 percent reflecting increases in equity/bond markets from a year ago and success in building new wealth management relationships; debit and credit card fees rose 22 percent reflecting deeper penetration rates and increased activity; insurance fees rose 10 percent reflecting higher sales; and mortgage banking fee income increased due to an increase in originations and a 41 percent increase in gross servicing income, including the $140 billion servicing portfolio acquired last year. Capital markets activities were generally strong in the quarter, although at $97 million, equity gains were $88 million below 2006 average quarterly gains of $185 million. In line with its asset/liability management process, the Company sold $4 billion of its lowest-yielding bonds in the quarter at a gain of $29 million. At March 31, 2007, the net unrealized gain on securities available for sale was $948 million.

Noninterest Expense
Noninterest expense was up $452 million, or 9 percent, from first quarter 2006. In the last 12 months, the Company opened 104 retail banking stores and added 7,600 team members (full-time equivalents). On a linked-quarter basis, noninterest expense increased $115 million, or 9 percent (annualized). Expenses in first quarter 2007 included $50 million of stock option expense, $29 million of seasonal FICA expenses and $16 million of acquisition-related integration costs.

Income Taxes
On January 1, 2007, the Company adopted FASB Interpretation No. 48,Accounting for Uncertainty in Income Taxes(FIN 48). Implementation of FIN 48 did not result in a cumulative effect adjustment to retained earnings. At January 1, 2007, the total amount of unrecognized tax benefits was $3.1 billion, of which $1.4 billion related to tax benefits that, if recognized, would not impact the annual effective tax rate. During the quarter, $119 million of net tax benefits were recorded, primarily reflecting the resolution of certain outstanding Federal income tax matters.

Credit Quality
“First quarter 2007 credit results were in line with our expectations,” said Chief Credit Officer Mike Loughlin. First quarter 2007 net credit losses were $715 million (0.90 percent of average loans, annualized), down from $726 million (0.92 percent) in fourth quarter 2006, and up from $433 million (0.56 percent) in first quarter 2006, which was positively impacted by historically low personal bankruptcies after the fourth quarter 2005 bankruptcy spike caused by the then impending change in the bankruptcy law.

“We are pleased that auto related losses, while still at historically elevated levels, have stabilized, and our intensive management efforts, in both collections and underwriting, resulted in lower first quarter loss rates compared with third and fourth quarter 2006,” said Loughlin. “Total 30 day or greater auto delinquency balances have declined about 25 percent from peak December 2006 levels due to seasonality and improved collections. Losses remained at predicted levels in our consumer unsecured and small business portfolios, and we continued to experience historically low losses in our commercial portfolios.

“We are experiencing higher losses in our home equity portfolio relative to the historically low and unsustainable levels experienced in 2006. We see particular stress in certain regional markets and in loans acquired from correspondents. We have tightened our underwriting standards and are focusing additional collections resources on targeted portfolio segments. We expect higher but manageable losses throughout 2007 in the home equity portfolio.

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“With the well-publicized disruption in the nonprime residential real estate market, let me highlight a few important facts about Wells Fargo’s nonprime mortgages. The vast majority of nonprime mortgages originated at Wells Fargo Home Mortgage are sold to the secondary market. Most nonprime loans held on our balance sheet were offered through Wells Fargo Financial. Most of these loans were debt consolidation refinances to help the customer improve their financial situation. We conduct a tangible benefits test for each loan, and we do not offer negative amortization products. Approximately half these loans are fixed rate and we underwrite all loans to the customer’s ability to afford current and projected payments based on a fully indexed rate. All of these loans at Wells Fargo Financial were originated by team members; none were from third party brokers or correspondents.

“We conservatively underwrite Wells Fargo Financial real estate secured loans. Income is verified for all borrowers; there are no reduced documentation or stated income programs. Borrowers must have what we call minimum ‘residual’ income or cash flow after all debt service to qualify for these loans. While we are confident our portfolio will continue to perform better than the industry, we purchased private mortgage insurance on higher loan-to-value loans to mitigate our risk. Our total residential real estate portfolio is geographically diverse and we believe the portfolio has a minimal amount of adjustable mortgage rate reset risk in the next 12 months.”

Total nonperforming assets were $2.67 billion (0.82 percent of loans) at March 31, 2007 compared with $2.42 billion (0.76 percent) at December 31, 2006 and $1.85 billion (0.60 percent) one year ago, including, respectively, $381 million, $322 million, and $227 million of Government National Mortgage Association (GNMA) repurchased loans, fully insured or guaranteed. “Commercial nonperforming assets continued to be at historically low levels, and our loan impairment analysis indicates only modest loss potential,” said Loughlin. “We are constantly monitoring residential mortgage and auto nonperforming levels and have active programs to determine the best strategy to hold and workout or sell these assets.”

The total of loans 90 days or more past due and still accruing was $4.81 billion, $5.07 billion and $3.41 billion at March 31, 2007, December 31, 2006, and March 31, 2006, respectively. For the same periods, the total included $3.68 billion, $3.91 billion and $2.68 billion, respectively, in advances pursuant to our servicing agreements to GNMA mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.

Loans 90 Days or More Past Due and Still Accruing
(Excluding Insured/Guaranteed GNMA Balances)
	Mar. 31		,	Dec. 31		,	Mar. 31		,
(in millions)	2007			2006			2006
Commercial and commercial real estate:
Commercial	$	29		$	15		$	17
Other real estate mortgage		4			3			4
Real estate construction		5			3			13
Total commercial and commercial real estate		38			21			34
Consumer:
Real estate 1-4 family first mortgage		159			154			92
Real estate 1-4 family junior lien mortgage		64			63			47
Credit card		272			262			158
Other revolving credit and installment		560			616			364
Total consumer		1,055			1,095			661
Foreign		36			44			37
Total	$	1,129		$	1,160		$	732

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Business Segment Performance
Wells Fargo has three lines of business for management reporting: Community Banking, Wholesale Banking and Wells Fargo Financial. Net income for each of the three business segments was:

	First Quarter				%
(in millions)	2007		2006		Change
Community Banking	$	1,532	$	1,210		27	%
Wholesale Banking		598		528		13
Wells Fargo Financial		114		280		(59	)

“As ‘One Wells Fargo,’ our team continues to focus on working together to satisfy all of our customers’ financial needs,” said President and COO John Stumpf. “Yet again this quarter we saw the tremendous power of our diversified business model as our Company produced strong, broad-based results. Our customers are deepening their relationships with us, adding products and services, as illustrated by a new record in consumer cross-sell this quarter. At the same time, we continued to see significant improvement in customer loyalty and satisfaction measures.”

More financial information about the business segments is on page 24.

Community Bankingoffers a complete line of diversified financial products and services for consumers and small businesses including investment, insurance and trust services primarily in 23 midwestern and western states, and mortgage and home equity loans in all 50 states.

Selected Financial Information

	First Quarter				%
(in millions)	2007		2006		Change
Total revenue	$	6,071	$	5,399		12	%
Provision for credit losses		306		189		62
Noninterest expense		3,640		3,387		7
Net income		1,532		1,210		27
Average loans (in billions)		180.8		190.4		(5	)
Average assets (in billions)		307.0		314.8		(2	)

• Wealth Management Group Highlights

o Revenue up 12 percent from prior year

o Brokerage assets under administration up 17 percent from prior year

o Brokerage revenue up 25 percent from prior year

o Private bankers up 13 percent from prior year to 800 at March 31, 2007

• Internet Highlights

o Active online consumers of 9.0 million, up 18 percent from prior year, reaching 63 percent of consumer checking accounts

o Bill payment and presentment customers of 5.1 million, up 38 percent from prior year

o 880,000 active online small business customers, up 24 percent from prior year

Community Banking reported net income of $1.53 billion, up 27 percent from first quarter 2006 due primarily to growth in retail banking and home mortgage net income. Net interest income declined $32 million, or 1 percent, compared with first quarter 2006, due to a decline in earning assets that resulted from sales of ARMs at the end of first quarter 2006. The decline related to ARM sales was partially offset by an improvement in net interest margin of 21 basis points to 5.03 percent in first quarter 2007, despite pressures from the flat-to-inverted yield curve. Noninterest income increased $704 million, or 33 percent, compared with first quarter 2006. The growth was due primarily to higher fee income

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related to mortgage and consumer loans, cards, brokerage and deposit service charges. Noninterest expense increased $253 million, or 7 percent, primarily due to growth in personnel expenses, while the provision for credit losses increased $117 million, or 62 percent, primarily due to higher losses in credit card and equity lending.

Regional Banking Highlights
	•	Core product solutions (sales) of 4.96 million, up 13 percent from prior year on a comparable basis
	•	Record retail bank household cross-sell of 5.3 products per retail bank household
	•	Sales ofWells Fargo Packages® (a checking account and at least three other products) up 29 percent from prior year
	•	Net consumer checking accounts up 5.2 percent from prior year
	•	Store-based customer loyalty scores continued to improve, up 12 percent from prior year
	•	Added 1,514 platform banker FTEs from prior year
	•	Business Banking
			o	Store-based business solutions up 19 percent from prior year on a comparable basis
			o	Loans to small businesses (loans primarily less than $100,000 on our Business Direct platform) grew 19 percent from prior year
			o	Net business checking accounts up 4.5 percent from prior year
			o	Business Banking household cross-sell at 3.4, up from 3.0 in prior year

“Our highly-engaged, talented and hard-working team members continued to make progress on delivering a great experience for our customers,” said Carrie Tolstedt, group EVP, Community Banking. “We had another strong quarter, with 4.96 million core product solutions provided to customers, up 13 percent from prior year on a comparable basis. Our retail bank household cross-sell rose to a record high of 5.3, and 65 percent of new checking account customers purchasedWells Fargo Packages. We’ve conducted more than 1.6 million store-based customer surveys since January 2004, and we continue to perform 50,000 surveys per month. For customers transacting at the teller line, welcoming and wait time survey scores were up 20 percent and customer loyalty scores improved 12 percent from same period last year. During first quarter, we also opened 18 banking stores, added 57 newwebATM^® machines and converted 151 ATMs in Central California toEnvelope-Free^SMwebATMmachines to better serve our customers.”

Home Mortgage and Home Equity Highlights
•	Mortgage originations of $68 billion, up 3 percent from prior year
•	Mortgage applications of $113 billion, up 19 percent from prior year
•	Mortgage application pipeline of $57 billion, up 19 percent from prior quarter
•	Record owned mortgage servicing portfolio of $1.40 trillion, up 34 percent from prior year and up 9 percent (annualized) from prior quarter
•	National Home Equity Group portfolio of $79 billion

“Our culture of conservative underwriting of nonprime credit and a very strong commitment to fair and responsible lending to customers across the credit spectrum has served us well in these turbulent times in the mortgage industry,” said Mark Oman, senior EVP, Home and Consumer Finance Group. “Wells Fargo’s responsible lending principles, with a focus on the consumer’s ability to repay, and setting loan terms and features that are appropriate to the consumer’s circumstances have resulted in significantly better credit performance than the majority of the competitors in the industry. However, given the current uncertainties in the housing and capital markets, Home Mortgage has further tightened its underwriting guidelines. Loans underwritten prior to these guideline changes were either sold or marked to market during the quarter and have been fully reflected in first quarter results.

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Nonprime applications of $7.4 billion were down 15 percent on a linked-quarter basis, reflecting the underwriting changes made during the quarter.

“With prime mortgage rates in the 6.00-6.25 percent range, the issues confronting the nonprime segment did not dampen demand for prime mortgages. In fact, total first quarter 2007 application volume of $113 billion was up 26 percent on a linked-quarter basis. Prime applications of $105.1 billion were up 29 percent on a linked-quarter basis.”

Wholesale Bankingserves customers coast to coast,including middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities and institutional investments.

Selected Financial Information

	First Quarter					%
(in millions)	2007		2006			Change
Total revenue	$	2,046	$	1,776			15	%
Provision (reversal of provision) for credit losses		13		(2	)		—
Noninterest expense		1,137		992			15
Net income		598		528			13
Average loans (in billions)		77.9		67.6			15
Average assets (in billions)		101.0		95.9			5

• Eastdil Secured represented Blackstone Group in its purchase of Equity Office Properties Trust

• Electronic collection transactions surpassed paper collection transactions for the first time in February

• Desktop Deposit^®service namedComputerworldmagazine’s “Best in Class for 2007”

“The Wholesale Banking team achieved strong results across a broad spectrum of business lines,” said Dave Hoyt, senior EVP, Wholesale Banking Group. “We continue to deliver a wide range of products and services to our customers through robust sales and distribution teams.

“After integrating recent acquisitions with our existing funds business, half of our mutual funds were inLipper’stop two quintiles for performance over the three year period ending February 28, 2007. We’re making strong gains in the asset management business, with 11 percent growth in assets under management year over year and now have the third-largest bank-owned portfolio of mutual funds.

“Our customers continue to transition from paper to electronic financial services; their electronic collections surpassed paper collections for the first time in February. Active users of ourCommercial Electronic Office^â portal were up nearly 30 percent from the same period last year. Checks processed electronically through our internet-based industry-leading remoteDesktop Depositservice during the quarter totaled $38 billion. With Wells Fargo, business customers of every size and type can successfully and affordably share in the benefits of the paper-to-electronic evolution.”

Wholesale Banking reported net income of $598 million in first quarter 2007, up 13 percent from a year ago. Revenue increased 15 percent, driven by strong loan and deposit growth and higher fee income. Average loans reached $78 billion, up 15 percent from first quarter 2006, with double digit increases across nearly all wholesale lending businesses. Average deposits grew $25 billion, all in interest-bearing balances, reflecting a mix of organic growth and the conversions in 2006 of customer sweep accounts from off-balance sheet money market funds into Wells Fargo deposits. Noninterest

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income increased $169 million due to higher trust and investment income, insurance revenue, commercial real estate brokerage fees and capital markets activity. Noninterest expense increased $145 million mainly from higher personnel-related costs including team member additions and higher incentive payments, along with higher expenses from our acquisitions, expenses related to higher sales volumes and investments in new offices, businesses and systems. On a linked-quarter basis, Wholesale Banking net income rose $90 million, or 18 percent, driven by capital markets activity and seasonality in our insurance businesses.

Wells Fargo Financialoffers consumer loans primarily through real estate-secured debt consolidation products, automobile financing, consumer and private-label credit cards and commercial services to consumers and businesses throughout the United States, Canada, Puerto Rico and the Pacific Rim.

Selected Financial Information

	First Quarter				%
(in millions)	2007		2006		Change
Total revenue	$	1,324	$	1,380		(4	)%
Provision for credit losses		396		246		61
Noninterest expense		749		695		8
Net income		114		280		(59	)
Average loans (in billions)		62.7		53.1		18
Average assets (in billions)		68.3		58.7		16

• Average loans up 18 percent from first quarter 2006

o Real estate-secured receivables up 20 percent to $23.6 billion

o Auto finance receivables up 23 percent to $27.6 billion

“Net income decreased over the first quarter of 2006 because of the $127 million gain we realized on the sale of our consumer lending business in Puerto Rico a year ago, plus the higher provision we took for credit losses this year,” said Tom Shippee, Wells Fargo Financial president and CEO. “The higher credit losses year over year were due, in part, to lower than normal bankruptcy charge-offs and higher recoveries early in 2006. Additionally, the auto lending losses were up from a year ago, but declined on a linked-quarter basis.

“Our real estate lending business remained on solid ground. Wells Fargo Financial’s real estate-secured lending portfolio performed well in a quarter when many other companies’ nonprime lending businesses suffered. We attribute our strong credit quality to our disciplined business model and underwriting at Wells Fargo Financial, where we do not offer riskier residential real estate products such as teaser rates, stated-income loans and no documentation loans. Real estate delinquencies continued to be within our expectations, well-below industry trends and showed improvement over the fourth quarter.

“In terms of auto lending – our other large business – we continued to make steady progress as a result of changes we implemented in the second half of 2006 to reduce delinquencies and charge-offs. Improved processes, reduced originations – intended to improve collections capacity – and increased staffing levels in collections have all had a positive impact. These changes in the auto business resulted in decreased losses of $27 million in the first quarter and an improvement of approximately 25 percent in the auto portfolio’s 30-plus day delinquency rates.”

Wells Fargo Financial reported net income of $114 million, down 59 percent from a year ago. Revenue of $1.32 billion was driven by an increase in net interest income from continued growth in

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the real estate and auto loan portfolios. Revenue decreased $56 million from first quarter 2006, despite growth in net interest income, because of the gain in first quarter 2006 from the sale of the Puerto Rican business. Average loans grew 18 percent to $62.7 billion. Noninterest expense was $749 million, up 8 percent from first quarter 2006, driven by normal annual increases in personnel costs, as well as the staffing level increases in collections and other investments in business processes.

Recorded Message
A recorded message reviewing Wells Fargo’s results and characteristics of several of the loan portfolios will be available at 5:30 a.m. Pacific Time through April 20, 2007. Dial 877-660-6853 (domestic) or 201-612-7415 (international). Enter the account number 286 and conference ID 236054#. The call is also available on the internet atwww.wellsfargo.com/ir andhttp://www.vcall.com/IC/CEPage.asp?ID=115230.

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements about the Company, including statements about credit quality and credit loss potential generally and specifically the statements that we expect higher but manageable losses in our home equity loan portfolio throughout 2007, that we believe our residential real estate loan portfolio has a minimal amount of adjustable mortgage rate reset risk in the next 12 months, and that we are confident that our Wells Fargo Financial real estate secured loan portfolio will continue to perform better than the industry generally. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

There are a number of factors that could cause results to differ significantly from our expectations, including a deterioration of the credit quality of our home equity and real estate secured loan portfolios due to higher interest rates, increased unemployment, a decline in home values or other economic factors. For a discussion of factors that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended December 31, 2006, including information incorporated into the Form 10-K from our 2006 Annual Report to Stockholders, filed as Exhibit 13 to the Form 10-K.

Any factor described in this news release or in any document referred to in this news release could, by itself or together with one or more other factors, adversely affect the Company’s business, earnings and/or financial condition.

Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

# # #

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Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA

	Quarter ended									% Change Mar. 31, 2007 from
	Mar. 31		,	Dec. 31		,	Mar. 31		,	Dec. 31		,	Mar. 31		,
($ in millions, except per share amounts)	2007			2006			2006			2006			2006
For the Quarter
Net income	$	2,244		$	2,181		$	2,018			3	%		11	%
Diluted earnings per common share		0.66			0.64			0.60			3			10
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.89	%		1.79	%		1.72	%		6			10
Net income to average stockholders’ equity (ROE)		19.65			18.99			19.89			3			(1	)
Efficiency ratio (1)		58.5			57.5			59.3			2			(1	)
Total revenue	$	9,441		$	9,413		$	8,555			—			10
Dividends declared per common share		0.28			0.28			0.26			—			8
Average common shares outstanding		3,376.0			3,379.4			3,358.3			—			1
Diluted average common shares outstanding		3,416.1			3,424.0			3,395.7			—			1
Average loans	$	321,429		$	312,166		$	311,132			3			3
Average assets		482,105			482,585			475,195			—			1
Average core deposits (2)		290,586			283,790			257,466			2			13
Average retail core deposits (3)		223,729			220,025			213,876			2			5
Net interest margin		4.95	%		4.93	%		4.85	%		—			2
At Quarter End
Securities available for sale	$	45,443		$	42,629		$	51,195			7			(11	)
Loans		325,487			319,116			306,676			2			6
Allowance for loan losses		3,772			3,764			3,845			—			(2	)
Goodwill		11,275			11,275			11,050			—			2
Assets		485,901			481,996			492,428			1			(1	)
Core deposits (2)		296,469			288,068			263,136			3			13
Stockholders’ equity		46,135			45,876			41,961			1			10
Capital ratios:
Stockholders’ equity to assets		9.49	%		9.52	%		8.52	%		—			11
Risk-based capital (4)
Tier 1 capital		8.71			8.95			8.30			(3	)		5
Total capital		12.11			12.50			11.49			(3	)		5
Tier 1 leverage (4)		7.83			7.89			7.13			(1	)		10
Book value per common share	$	13.77		$	13.58		$	12.50			1			10
Team members (active, full-time equivalent)		159,600			158,000			152,000			1			5
Common Stock Price
High	$	36.64		$	36.99		$	32.76			(1	)		12
Low		33.01			34.90			30.31			(5	)		9
Period end		34.43			35.56			31.94			(3	)		8

(1)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). During 2006, certain customer accounts (largely Wholesale Banking) were converted to deposit balances in the form of Eurodollar sweep accounts from off-balance sheet money market funds and repurchase agreements. Included in average core deposits were converted balances of $9,888 million, $8,888 million and $1,234 million for the quarters ended March 31, 2007, December 31, 2006, and March 31, 2006, respectively. Average core deposits increased 10% from first quarter 2006 and 9% (annualized) from fourth quarter 2006, not including these converted balances.
(3)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(4)	The March 31, 2007, ratios are preliminary.

- 12 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
($ in millions, except per share amounts)	2007			2006			2006			2006			2006
For the Quarter
Net income	$	2,244		$	2,181		$	2,194		$	2,089		$	2,018
Diluted earnings per common share		0.66			0.64			0.64			0.61			0.60
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.89	%		1.79	%		1.76	%		1.71	%		1.72	%
Net income to average stockholders’ equity (ROE)		19.65			18.99			20.00			19.76			19.89
Efficiency ratio (1)		58.5			57.5			56.9			58.9			59.3
Total revenue	$	9,441		$	9,413		$	8,934		$	8,789		$	8,555
Dividends declared per common share		0.28			0.28			—			0.54			0.26
Average common shares outstanding		3,376.0			3,379.4			3,371.9			3,363.8			3,358.3
Diluted average common shares outstanding		3,416.1			3,424.0			3,416.0			3,404.4			3,395.7
Average loans	$	321,429		$	312,166		$	303,980		$	300,388		$	311,132
Average assets		482,105			482,585			494,679			491,456			475,195
Average core deposits (2)		290,586			283,790			269,725			264,129			257,466
Average retail core deposits (3)		223,729			220,025			214,294			214,904			213,876
Net interest margin		4.95	%		4.93	%		4.79	%		4.76	%		4.85	%
At Quarter End
Securities available for sale	$	45,443		$	42,629		$	52,635		$	71,420		$	51,195
Loans		325,487			319,116			307,491			300,622			306,676
Allowance for loan losses		3,772			3,764			3,799			3,851			3,845
Goodwill		11,275			11,275			11,192			11,091			11,050
Assets		485,901			481,996			483,441			499,516			492,428
Core deposits (2)		296,469			288,068			270,818			268,350			263,136
Stockholders’ equity		46,135			45,876			44,862			41,894			41,961
Capital ratios:
Stockholders’ equity to assets		9.49	%		9.52	%		9.28	%		8.39	%		8.52	%
Risk-based capital (4)
Tier 1 capital		8.71			8.95			8.74			8.35			8.30
Total capital		12.11			12.50			12.34			11.82			11.49
Tier 1 leverage (4)		7.83			7.89			7.41			6.99			7.13
Book value per common share	$	13.77		$	13.58		$	13.30		$	12.46		$	12.50
Team members (active, full-time equivalent)		159,600			158,000			156,400			154,300			152,000
Common Stock Price
High	$	36.64		$	36.99		$	36.89		$	34.86		$	32.76
Low		33.01			34.90			33.36			31.90			30.31
Period end		34.43			35.56			36.18			33.54			31.94

(1)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). During 2006, certain customer accounts (largely Wholesale Banking) were converted to deposit balances in the form of Eurodollar sweep accounts from off-balance sheet money market funds and repurchase agreements. Included in average core deposits were converted balances of $9,888 million, $8,888 million, $3,343 million, $2,771 million and $1,234 million for the quarters ended March 31, 2007, December 31, 2006, September 30, 2006, June 30, 2006, and March 31, 2006, respectively.
(3)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(4)	The March 31, 2007, ratios are preliminary.

- 13 -

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME

	Quarter ended March 31				,	%
(in millions, except per share amounts)	2007		2006			Change
INTEREST INCOME
Trading assets	$	53	$	69			(23	)%
Securities available for sale		686		663			3
Mortgages held for sale		530		609			(13	)
Loans held for sale		15		11			36
Loans		6,764		6,110			11
Other interest income		91		70			30
Total interest income		8,139		7,532			8
INTEREST EXPENSE
Deposits		1,857		1,482			25
Short-term borrowings		136		270			(50	)
Long-term debt		1,136		910			25
Total interest expense		3,129		2,662			18
NET INTEREST INCOME		5,010		4,870			3
Provision for credit losses		715		433			65
Net interest income after provision for credit losses		4,295		4,437			(3	)
NONINTEREST INCOME
Service charges on deposit accounts		685		623			10
Trust and investment fees		731		663			10
Card fees		470		384			22
Other fees		511		488			5
Mortgage banking		790		415			90
Operating leases		192		201			(4	)
Insurance		399		364			10
Net gains (losses) on debt securities available for sale		31		(35	)		—
Net gains from equity investments		97		190			(49	)
Other		525		392			34
Total noninterest income		4,431		3,685			20
NONINTEREST EXPENSE
Salaries		1,867		1,672			12
Incentive compensation		742		668			11
Employee benefits		665		589			13
Equipment		337		335			1
Net occupancy		365		336			9
Operating leases		153		161			(5	)
Other		1,397		1,313			6
Total noninterest expense		5,526		5,074			9
INCOME BEFORE INCOME TAX EXPENSE		3,200		3,048			5
Income tax expense		956		1,030			(7	)
NET INCOME	$	2,244	$	2,018			11
EARNINGS PER COMMON SHARE	$	0.66	$	0.60			10
DILUTED EARNINGS PER COMMON SHARE	$	0.66	$	0.60			10
DIVIDENDS DECLARED PER COMMON SHARE	$	0.28	$	0.26			8
Average common shares outstanding		3,376.0		3,358.3			1
Diluted average common shares outstanding		3,416.1		3,395.7			1

- 14 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions, except per share amounts)	2007			2006			2006			2006			2006
INTEREST INCOME
Trading assets	$	53		$	46		$	45		$	65		$	69
Securities available for sale		686			726			1,014			875			663
Mortgages held for sale		530			627			702			808			609
Loans held for sale		15			13			12			11			11
Loans		6,764			6,701			6,555			6,245			6,110
Other interest income		91			118			71			73			70
Total interest income		8,139			8,231			8,399			8,077			7,532
INTEREST EXPENSE
Deposits		1,857			1,901			1,997			1,794			1,482
Short-term borrowings		136			162			271			289			270
Long-term debt		1,136			1,118			1,084			1,010			910
Total interest expense		3,129			3,181			3,352			3,093			2,662
NET INTEREST INCOME		5,010			5,050			5,047			4,984			4,870
Provision for credit losses		715			726			613			432			433
Net interest income after provision for credit losses		4,295			4,324			4,434			4,552			4,437
NONINTEREST INCOME
Service charges on deposit accounts		685			695			707			665			623
Trust and investment fees		731			735			664			675			663
Card fees		470			481			464			418			384
Other fees		511			550			509			510			488
Mortgage banking		790			677			484			735			415
Operating leases		192			190			192			200			201
Insurance		399			299			313			364			364
Net gains (losses) on debt securities available for sale		31			51			121			(156	)		(35	)
Net gains from equity investments		97			256			159			133			190
Other		525			429			274			261			392
Total noninterest income		4,431			4,363			3,887			3,805			3,685
NONINTEREST EXPENSE
Salaries		1,867			1,812			1,769			1,754			1,672
Incentive compensation		742			793			710			714			668
Employee benefits		665			501			458			487			589
Equipment		337			339			294			284			335
Net occupancy		365			367			357			345			336
Operating leases		153			157			155			157			161
Other		1,397			1,442			1,338			1,435			1,313
Total noninterest expense		5,526			5,411			5,081			5,176			5,074
INCOME BEFORE INCOME TAX EXPENSE		3,200			3,276			3,240			3,181			3,048
Income tax expense		956			1,095			1,046			1,092			1,030
NET INCOME	$	2,244		$	2,181		$	2,194		$	2,089		$	2,018
EARNINGS PER COMMON SHARE	$	0.66		$	0.65		$	0.65		$	0.62		$	0.60
DILUTED EARNINGS PER COMMON SHARE	$	0.66		$	0.64		$	0.64		$	0.61		$	0.60
DIVIDENDS DECLARED PER COMMON SHARE	$	0.28		$	0.28		$	—		$	0.54		$	0.26
Average common shares outstanding		3,376.0			3,379.4			3,371.9			3,363.8			3,358.3
Diluted average common shares outstanding		3,416.1			3,424.0			3,416.0			3,404.4			3,395.7

- 15 -

Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET

	% Change
													Mar. 31, 2007 from
	Mar. 31		,	Dec. 31		,	Mar. 31		,	Dec. 31		,	Mar. 31		,
(in millions, except shares)	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	12,485		$	15,028		$	13,224			(17	) %		(6	) %
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,668			6,078			4,954			(23	)		(6	)
Trading assets		6,525			5,607			9,930			16			(34	)
Securities available for sale		45,443			42,629			51,195			7			(11	)
Mortgages held for sale (includes $25,807 million carried at fair value at March 31, 2007)		32,286			33,097			43,521			(2	)		(26	)
Loans held for sale		829			721			629			15			32
Loans		325,487			319,116			306,676			2			6
Allowance for loan losses		(3,772	)		(3,764	)		(3,845	)		—			(2	)
Net loans		321,715			315,352			302,831			2			6
Mortgage servicing rights:
Measured at fair value (residential MSRs)		17,779			17,591			13,800			1			29
Amortized		400			377			142			6			182
Premises and equipment, net		4,864			4,698			4,493			4			8
Goodwill		11,275			11,275			11,050			—			2
Other assets		27,632			29,543			36,659			(6	)		(25	)
Total assets	$	485,901		$	481,996		$	492,428			1			(1	)
LIABILITIES
Noninterest-bearing deposits	$	89,067		$	89,119		$	88,701			—			—
Interest-bearing deposits		222,090			221,124			219,604			—			1
Total deposits		311,157			310,243			308,305			—			1
Short-term borrowings		13,181			12,829			21,350			3			(38	)
Accrued expenses and other liabilities		25,101			25,903			36,312			(3	)		(31	)
Long-term debt		90,327			87,145			84,500			4			7
Total liabilities		439,766			436,120			450,467			1			(2	)
STOCKHOLDERS’ EQUITY
Preferred stock		740			384			634			93			17
Common stock - $1-2/3 par value, authorized 6,000,000,000 shares; issued 3,472,762,050 shares		5,788			5,788			5,788			—			—
Additional paid-in capital		7,875			7,739			7,479			2			5
Retained earnings		36,439			35,277			31,750			3			15
Cumulative other comprehensive income		289			302			576			(4	)		(50	)
Treasury stock - 122,242,186 shares, 95,612,189 shares and 115,124,934 shares		(4,204	)		(3,203	)		(3,587	)		31			17
Unearned ESOP shares		(792	)		(411	)		(679	)		93			17
Total stockholders’ equity		46,135			45,876			41,961			1			10
Total liabilities and stockholders’ equity	$	485,901		$	481,996		$	492,428			1			(1	)

- 16 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	12,485		$	15,028		$	12,591		$	14,069		$	13,224
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,668			6,078			4,079			5,367			4,954
Trading assets		6,525			5,607			5,300			7,344			9,930
Securities available for sale		45,443			42,629			52,635			71,420			51,195
Mortgages held for sale		32,286			33,097			39,913			39,714			43,521
Loans held for sale		829			721			617			594			629
Loans		325,487			319,116			307,491			300,622			306,676
Allowance for loan losses		(3,772	)		(3,764	)		(3,799	)		(3,851	)		(3,845	)
Net loans		321,715			315,352			303,692			296,771			302,831
Mortgage servicing rights:
Measured at fair value (residential MSRs)		17,779			17,591			17,712			15,650			13,800
Amortized		400			377			328			175			142
Premises and equipment, net		4,864			4,698			4,645			4,529			4,493
Goodwill		11,275			11,275			11,192			11,091			11,050
Other assets		27,632			29,543			30,737			32,792			36,659
Total assets	$	485,901		$	481,996		$	483,441		$	499,516		$	492,428
LIABILITIES
Noninterest-bearing deposits	$	89,067		$	89,119		$	86,849		$	89,448		$	88,701
Interest-bearing deposits		222,090			221,124			227,470			237,004			219,604
Total deposits		311,157			310,243			314,319			326,452			308,305
Short-term borrowings		13,181			12,829			13,800			13,619			21,350
Accrued expenses and other liabilities		25,101			25,903			26,369			33,794			36,312
Long-term debt		90,327			87,145			84,091			83,757			84,500
Total liabilities		439,766			436,120			438,579			457,622			450,467
STOCKHOLDERS’ EQUITY
Preferred stock		740			384			465			548			634
Common stock		5,788			5,788			5,788			5,788			5,788
Additional paid-in capital		7,875			7,739			7,667			7,562			7,479
Retained earnings		36,439			35,277			34,080			31,964			31,750
Cumulative other comprehensive income		289			302			633			155			576
Treasury stock		(4,204	)		(3,203	)		(3,273	)		(3,537	)		(3,587	)
Unearned ESOP shares		(792	)		(411	)		(498	)		(586	)		(679	)
Total stockholders’ equity		46,135			45,876			44,862			41,894			41,961
Total liabilities and stockholders’ equity	$	485,901		$	481,996		$	483,441		$	499,516		$	492,428

- 17 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	5,867		$	7,751		$	4,247		$	4,855		$	5,192
Trading assets		4,305			3,950			3,880			5,938			6,099
Debt securities available for sale:
Securities of U.S. Treasury and federal agencies		753			786			912			935			866
Securities of U.S. states and political subdivisions		3,532			3,406			3,240			3,013			3,106
Mortgage-backed securities:
Federal agencies		30,640			31,718			47,009			40,160			27,718
Private collateralized mortgage obligations		3,993			5,130			7,696			7,176			6,562
Total mortgage-backed securities		34,633			36,848			54,705			47,336			34,280
Other debt securities (1)		5,778			6,406			6,865			6,246			5,280
Total debt securities available for sale (1)		44,696			47,446			65,722			57,530			43,532
Mortgages held for sale (2)		32,343			37,878			42,369			51,675			39,523
Loans held for sale		794			659			622			585			651
Loans:
Commercial and commercial real estate:
Commercial		71,063			68,402			66,216			65,424			62,769
Other real estate mortgage		30,590			29,882			29,851			28,938			28,686
Real estate construction		15,892			15,775			15,073			14,517			13,850
Lease financing		5,503			5,500			5,385			5,429			5,436
Total commercial and commercial real estate		123,048			119,559			116,525			114,308			110,741
Consumer:
Real estate 1-4 family first mortgage		54,444			50,836			50,138			55,019			74,383
Real estate 1-4 family junior lien mortgage		69,079			68,208			65,991			62,740			59,972
Credit card		14,557			13,737			12,810			11,947			11,765
Other revolving credit and installment		53,539			53,206			51,988			50,098			48,329
Total consumer		191,619			185,987			180,927			179,804			194,449
Foreign		6,762			6,620			6,528			6,276			5,942
Total loans (2)		321,429			312,166			303,980			300,388			311,132
Other		1,327			1,333			1,348			1,363			1,389
Total earning assets	$	410,761		$	411,183		$	422,168		$	422,334		$	407,518
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	4,615		$	4,477		$	4,370		$	4,288		$	4,069
Market rate and other savings		140,934			135,673			132,906			134,182			134,228
Savings certificates		38,514			36,382			33,909			30,308			28,718
Other time deposits		9,312			19,838			36,920			38,288			33,726
Deposits in foreign offices		27,647			24,425			22,303			20,898			15,152
Total interest-bearing deposits		221,022			220,795			230,408			227,964			215,893
Short-term borrowings		11,498			13,470			21,539			24,836			26,180
Long-term debt		89,027			85,809			84,112			84,486			81,686
Total interest-bearing liabilities		321,547			320,074			336,059			337,286			323,759
Portion of noninterest-bearing funding sources		89,214			91,109			86,109			85,048			83,759
Total funding sources	$	410,761		$	411,183		$	422,168		$	422,334		$	407,518
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,862		$	12,379		$	12,159		$	12,437		$	12,897
Goodwill		11,274			11,259			11,156			11,075			10,963
Other		48,208			47,764			49,196			45,610			43,817
Total noninterest-earning assets	$	71,344		$	71,402		$	72,511		$	69,122		$	67,677
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	88,769		$	91,259		$	89,245		$	88,917		$	86,997
Other liabilities		25,474			25,687			25,839			22,835			23,320
Stockholders’ equity		46,315			45,565			43,536			42,418			41,119
Noninterest-bearing funding sources used to fund earning assets		(89,214	)		(91,109	)		(86,109	)		(85,048	)		(83,759	)
Net noninterest-bearing funding sources	$	71,344		$	71,402		$	72,511		$	69,122		$	67,677
TOTAL ASSETS	$	482,105		$	482,585		$	494,679		$	491,456		$	475,195

(1)	Includes certain preferred securities.
(2)	Nonaccrual loans are included in their respective loan categories.

- 18 -

Wells Fargo & Company and Subsidiaries
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

	Quarter ended March 31					,
(in millions)	2007			2006
Balance, beginning of period	$	45,876		$	40,660
Cumulative effect from adoption of:
FAS 156 (1)		—			101
FSP13-2 (2)		(71	)		—
Net income		2,244			2,018
Other comprehensive income (loss), net of tax, related to:
Translation adjustments		1			—
Investment securities and other interests held		18			(205	)
Derivative instruments and hedging activities		(38	)		119
Defined benefit pension plans		6			(3	)
Common stock issued		448			485
Common stock repurchased		(1,631	)		(646	)
Preferred stock released to ESOP		128			105
Common stock dividends		(948	)		(874	)
Other, net		102			201
Balance, end of period	$	46,135		$	41,961

(1)	Financial Accounting Standard No. 156,Accounting for Servicing of Financial Assets – an amendment of FASB Statement No. 140.
(2)	FASB Staff Position 13-2,Accounting for a Change or Projected Change in the Timing of Cash Flows Related to Income Taxes Generated by a Leveraged Lease Transaction.

- 19 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER LOANS

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Commercial and commercial real estate:
Commercial	$	72,268		$	70,404		$	66,797		$	66,014		$	63,836
Other real estate mortgage		31,542			30,112			29,914			29,281			28,754
Real estate construction		15,869			15,935			15,397			14,764			14,308
Lease financing		5,494			5,614			5,443			5,301			5,402
Total commercial and commercial real estate		125,173			122,065			117,551			115,360			112,300
Consumer:
Real estate 1-4 family first mortgage		55,982			53,228			49,765			50,491			66,106
Real estate 1-4 family junior lien mortgage		69,489			68,926			67,185			64,727			61,115
Credit card		14,594			14,697			13,343			12,387			11,618
Other revolving credit and installment		53,445			53,534			53,080			51,236			49,295
Total consumer		193,510			190,385			183,373			178,841			188,134
Foreign		6,804			6,666			6,567			6,421			6,242
Total loans (net of unearned income)	$	325,487		$	319,116		$	307,491		$	300,622		$	306,676

FIVE QUARTER NONACCRUAL LOANS AND OTHER ASSETS

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Nonaccrual loans:
Commercial and commercial real estate:
Commercial	$	350		$	331		$	256		$	253		$	256
Other real estate mortgage		114			105			116			137			163
Real estate construction		82			78			90			31			21
Lease financing		31			29			27			26			31
Total commercial and commercial real estate		577			543			489			447			471
Consumer:
Real estate 1-4 family first mortgage (1)		701			688			595			585			508
Real estate 1-4 family junior lien mortgage		233			212			200			179			190
Other revolving credit and installment		195			180			167			139			188
Total consumer		1,129			1,080			962			903			886
Foreign		46			43			38			45			37
Total nonaccrual loans		1,752			1,666			1,489			1,395			1,394
As a percentage of total loans		0.54	%		0.52	%		0.48	%		0.46	%		0.45	%
Foreclosed assets:
GNMA loans (2)		381			322			266			238			227
Other		528			423			342			275			228
Real estate and other nonaccrual investments (3)		5			5			3			9			—
Total nonaccrual loans and other assets	$	2,666		$	2,416		$	2,100		$	1,917		$	1,849
As a percentage of total loans		0.82	%		0.76	%		0.68	%		0.64	%		0.60	%

(1)	Includes nonaccrual mortgages held for sale.
(2)	Consistent with regulatory reporting requirements, foreclosed real estate securing Government National Mortgage Association (GNMA) loans is classified as nonperforming. These assets are fully collectible because the corresponding GNMA loans are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs.
(3)	Includes real estate investments (contingent interest loans accounted for as investments) that would be classified as nonaccrual if these assets were recorded as loans.

- 20 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Balance, beginning of quarter	$	3,964		$	3,978		$	4,035		$	4,025		$	4,057
Provision for credit losses		715			726			613			432			433
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(126	)		(139	)		(103	)		(93	)		(79	)
Other real estate mortgage		(1	)		(2	)		(1	)		(1	)		(1	)
Real estate construction		—			(1	)		(1	)		—			—
Lease financing		(7	)		(8	)		(6	)		(7	)		(9	)
Total commercial and commercial real estate		(134	)		(150	)		(111	)		(101	)		(89	)
Consumer:
Real estate 1-4 family first mortgage		(24	)		(22	)		(30	)		(22	)		(29	)
Real estate 1-4 family junior lien mortgage		(83	)		(56	)		(36	)		(28	)		(34	)
Credit card		(183	)		(154	)		(133	)		(113	)		(105	)
Other revolving credit and installment		(474	)		(513	)		(501	)		(349	)		(322	)
Total consumer		(764	)		(745	)		(700	)		(512	)		(490	)
Foreign		(62	)		(59	)		(74	)		(74	)		(74	)
Total loan charge-offs		(960	)		(954	)		(885	)		(687	)		(653	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		24			27			26			31			27
Other real estate mortgage		2			5			8			5			1
Real estate construction		1			1			—			1			1
Lease financing		5			5			4			6			6
Total commercial and commercial real estate		32			38			38			43			35
Consumer:
Real estate 1-4 family first mortgage		6			6			8			9			3
Real estate 1-4 family junior lien mortgage		9			9			9			10			8
Credit card		31			24			23			25			24
Other revolving credit and installment		149			136			124			148			129
Total consumer		195			175			164			192			164
Foreign		18			15			20			20			21
Total loan recoveries		245			228			222			255			220
Net loan charge-offs		(715	)		(726	)		(663	)		(432	)		(433	)
Other		1			(14	)		(7	)		10			(32	)
Balance, end of quarter	$	3,965		$	3,964		$	3,978		$	4,035		$	4,025
Components:
Allowance for loan losses	$	3,772		$	3,764		$	3,799		$	3,851		$	3,845
Reserve for unfunded credit commitments		193			200			179			184			180
Allowance for credit losses	$	3,965		$	3,964		$	3,978		$	4,035		$	4,025
Net loan charge-offs (annualized) as a percentage of average total loans		0.90	%		0.92	%		0.86	%		0.58	%		0.56	%
Allowance for loan losses as a percentage of:
Total loans		1.16	%		1.18	%		1.24	%		1.28	%		1.25	%
Nonaccrual loans		215			226			255			276			276
Nonaccrual loans and other assets		141			156			181			201			208
Allowance for credit losses as a percentage of:
Total loans		1.22	%		1.24	%		1.29	%		1.34	%		1.31	%
Nonaccrual loans		226			238			267			289			289
Nonaccrual loans and other assets		149			164			189			210			218

- 21 -

Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME

	Quarter ended March 31				,	%
(in millions)	2007		2006			Change
Service charges on deposit accounts	$	685	$	623			10	%
Trust and investment fees:
Trust, investment and IRA fees		537		491			9
Commissions and all other fees		194		172			13
Total trust and investment fees		731		663			10
Card fees		470		384			22
Other fees:
Cash network fees		45		44			2
Charges and fees on loans		238		242			(2	)
All other		228		202			13
Total other fees		511		488			5
Mortgage banking:
Servicing income, net		216		81			167
Net gains on mortgage loan origination/sales activities		495		273			81
All other		79		61			30
Total mortgage banking		790		415			90
Operating leases		192		201			(4	)
Insurance		399		364			10
Trading assets		265		134			98
Net gains (losses) on debt securities available for sale		31		(35	)		—
Net gains from equity investments		97		190			(49	)
All other		260		258			1
Total	$	4,431	$	3,685			20

NONINTEREST EXPENSE

	Quarter ended March 31				,	%
(in millions)	2007		2006			Change
Salaries	$	1,867	$	1,672			12	%
Incentive compensation		742		668			11
Employee benefits		665		589			13
Equipment		337		335			1
Net occupancy		365		336			9
Operating leases		153		161			(5	)
Outside professional services		192		193			(1	)
Contract services		118		132			(11	)
Travel and entertainment		109		130			(16	)
Advertising and promotion		91		106			(14	)
Outside data processing		111		104			7
Postage		87		81			7
Telecommunications		81		70			16
Insurance		128		76			68
Stationery and supplies		53		51			4
Operating losses		87		62			40
Security		43		43			—
Core deposit intangibles		26		29			(10	)
All other		271		236			15
Total	$	5,526	$	5,074			9

- 22 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Service charges on deposit accounts	$	685		$	695		$	707		$	665		$	623
Trust and investment fees:
Trust, investment and IRA fees		537			525			508			509			491
Commissions and all other fees		194			210			156			166			172
Total trust and investment fees		731			735			664			675			663
Card fees		470			481			464			418			384
Other fees:
Cash network fees		45			44			48			48			44
Charges and fees on loans		238			241			244			249			242
All other		228			265			217			213			202
Total other fees		511			550			509			510			488
Mortgage banking:
Servicing income, net		216			314			188			310			81
Net gains on mortgage loan origination/sales activities		495			305			179			359			273
All other		79			58			117			66			61
Total mortgage banking		790			677			484			735			415
Operating leases		192			190			192			200			201
Insurance		399			299			313			364			364
Trading assets		265			213			106			91			134
Net gains (losses) on debt securities available for sale		31			51			121			(156	)		(35	)
Net gains from equity investments		97			256			159			133			190
All other		260			216			168			170			258
Total	$	4,431		$	4,363		$	3,887		$	3,805		$	3,685

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Salaries	$	1,867		$	1,812		$	1,769		$	1,754		$	1,672
Incentive compensation		742			793			710			714			668
Employee benefits		665			501			458			487			589
Equipment		337			339			294			284			335
Net occupancy		365			367			357			345			336
Operating leases		153			157			155			157			161
Outside professional services		192			273			240			236			193
Contract services		118			165			143			139			132
Travel and entertainment		109			141			132			139			130
Advertising and promotion		91			102			123			125			106
Outside data processing		111			113			111			109			104
Postage		87			77			75			79			81
Telecommunications		81			66			70			73			70
Insurance		128			39			43			99			76
Stationery and supplies		53			60			57			55			51
Operating losses		87			40			33			45			62
Security		43			49			43			44			43
Core deposit intangibles		26			27			28			28			29
All other		271			290			240			264			236
Total	$	5,526		$	5,411		$	5,081		$	5,176		$	5,074

- 23 -

Wells Fargo & Company and Subsidiaries
AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Quarter ended March 31																,
	2007								2006
							Interest								Interest
	Average			Yields/			income/		Average			Yields/			income/
(in millions)	balance			rates			expense		balance			rates			expense
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	5,867			5.15	%	$	75	$	5,192			4.21	%	$	54
Trading assets		4,305			5.53			59		6,099			4.61			69
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		753			4.31			8		866			4.30			9
Securities of U.S. states and political subdivisions		3,532			7.39			63		3,106			8.13			60
Mortgage-backed securities:
Federal agencies		30,640			6.19			467		27,718			5.92			406
Private collateralized mortgage obligations		3,993			6.33			62		6,562			6.46			104
Total mortgage-backed securities		34,633			6.21			529		34,280			6.02			510
Other debt securities (4)		5,778			7.44			106		5,280			7.86			104
Total debt securities available for sale (4)		44,696			6.43			706		43,532			6.36			683
Mortgages held for sale (5)		32,343			6.55			530		39,523			6.16			609
Loans held for sale		794			7.82			15		651			6.93			11
Loans:
Commercial and commercial real estate:
Commercial		71,063			8.30			1,455		62,769			7.71			1,195
Other real estate mortgage		30,590			7.41			560		28,686			7.01			497
Real estate construction		15,892			8.01			314		13,850			7.59			259
Lease financing		5,503			5.74			79		5,436			5.80			79
Total commercial and commercial real estate		123,048			7.93			2,408		110,741			7.42			2,030
Consumer:
Real estate 1-4 family first mortgage		54,444			7.33			995		74,383			6.82			1,259
Real estate 1-4 family junior lien mortgage		69,079			8.17			1,393		59,972			7.65			1,131
Credit card		14,557			13.55			493		11,765			13.23			389
Other revolving credit and installment		53,539			9.75			1,287		48,329			9.39			1,120
Total consumer		191,619			8.78			4,168		194,449			8.10			3,899
Foreign		6,762			11.54			192		5,942			12.57			185
Total loans (5)		321,429			8.51			6,768		311,132			7.95			6,114
Other		1,327			5.12			16		1,389			4.62			16
Total earning assets	$	410,761			8.04			8,169	$	407,518			7.50			7,556
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	4,615			3.25			37	$	4,069			2.23			22
Market rate and other savings		140,934			2.77			963		134,228			2.08			687
Savings certificates		38,514			4.43			421		28,718			3.45			245
Other time deposits		9,312			5.13			118		33,726			4.48			373
Deposits in foreign offices		27,647			4.67			318		15,152			4.16			155
Total interest-bearing deposits		221,022			3.41			1,857		215,893			2.78			1,482
Short-term borrowings		11,498			4.78			136		26,180			4.17			270
Long-term debt		89,027			5.15			1,138		81,686			4.49			910
Total interest-bearing liabilities		321,547			3.94			3,131		323,759			3.33			2,662
Portion of noninterest-bearing funding sources		89,214			—			—		83,759			—			—
Total funding sources	$	410,761			3.09			3,131	$	407,518			2.65			2,662
Net interest margin and net interest income on a taxable-equivalent basis (6)					4.95	%	$	5,038					4.85	%	$	4,894
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,862							$	12,897
Goodwill		11,274								10,963
Other		48,208								43,817
Total noninterest-earning assets	$	71,344							$	67,677
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	88,769							$	86,997
Other liabilities		25,474								23,320
Stockholders’ equity		46,315								41,119
Noninterest-bearing funding sources used to fund earning assets		(89,214	)							(83,759	)
Net noninterest-bearing funding sources	$	71,344							$	67,677
TOTAL ASSETS	$	482,105							$	475,195

(1)	Our average prime rate was 8.25% and 7.43% for the quarters ended March 31, 2007 and 2006, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 5.36% and 4.76% for the same quarters, respectively.
(2)	Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)	Yields are based on amortized cost balances computed on a settlement date basis.
(4)	Includes certain preferred securities.
(5)	Nonaccrual loans and related income are included in their respective loan categories.
(6)	Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

- 24 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER OPERATING SEGMENT RESULTS (1)

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(income/expense in millions, average balances in billions)	2007			2006			2006			2006			2006
COMMUNITY BANKING
Net interest income	$	3,224		$	3,248		$	3,292		$	3,321		$	3,256
Provision for credit losses		306			275			236			187			189
Noninterest income		2,847			2,882			2,492			2,398			2,143
Noninterest expense		3,640			3,558			3,392			3,485			3,387
Income before income tax expense		2,125			2,297			2,156			2,047			1,823
Income tax expense		593			785			683			711			613
Net income	$	1,532		$	1,512		$	1,473		$	1,336		$	1,210
Average loans	$	180.8		$	175.7		$	172.5		$	173.9		$	190.4
Average assets		307.0			311.9			326.7			327.2			314.8
Average core deposits		243.9			239.8			233.1			232.0			229.0
WHOLESALE BANKING
Net interest income	$	781		$	787		$	751		$	706		$	680
Provision (reversal of provision) for credit losses		13			25			—			(7	)		(2	)
Noninterest income		1,265			1,096			1,033			1,085			1,096
Noninterest expense		1,137			1,105			999			1,018			992
Income before income tax expense		896			753			785			780			786
Income tax expense		298			245			258			257			258
Net income	$	598		$	508		$	527		$	523		$	528
Average loans	$	77.9		$	75.0		$	72.3		$	70.4		$	67.6
Average assets		101.0			97.9			97.5			97.2			95.9
Average core deposits		46.7			44.0			36.5			32.0			28.4
WELLS FARGO FINANCIAL
Net interest income	$	1,005		$	1,015		$	1,004		$	957		$	934
Provision for credit losses		396			426			377			252			246
Noninterest income		319			385			362			322			446
Noninterest expense		749			748			690			673			695
Income before income tax expense		179			226			299			354			439
Income tax expense		65			65			105			124			159
Net income	$	114		$	161		$	194		$	230		$	280
Average loans	$	62.7		$	61.5		$	59.2		$	56.1		$	53.1
Average assets		68.3			67.0			64.7			61.3			58.7
Average core deposits		—			—			0.1			0.1			0.1
CONSOLIDATED COMPANY
Net interest income	$	5,010		$	5,050		$	5,047		$	4,984		$	4,870
Provision for credit losses		715			726			613			432			433
Noninterest income		4,431			4,363			3,887			3,805			3,685
Noninterest expense		5,526			5,411			5,081			5,176			5,074
Income before income tax expense		3,200			3,276			3,240			3,181			3,048
Income tax expense		956			1,095			1,046			1,092			1,030
Net income	$	2,244		$	2,181		$	2,194		$	2,089		$	2,018
Average loans	$	321.4		$	312.2		$	304.0		$	300.4		$	311.1
Average assets (2)		482.1			482.6			494.7			491.5			475.2
Average core deposits		290.6			283.8			269.7			264.1			257.5

(1)

The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment. If the management structure and/or the allocation process changes, allocations, transfers and assignments may change.

(2)

The Consolidated Company includes unallocated goodwill held at the enterprise level of $5.8 billion for all periods presented.

- 25 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Residential MSRs measured using the fair value method:
Fair value, beginning of quarter	$	17,591		$	17,712		$	15,650		$	13,800		$	12,547
Purchases		159			222			2,907			511			219
Servicing from securitizations or asset transfers		828			843			965			1,310			989
Sales		—			(469	)		—			—			—
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)		(11	)		66			(1,147	)		550			522
Other changes in fair value (2)		(788	)		(783	)		(663	)		(521	)		(477	)
Fair value, end of quarter	$	17,779		$	17,591		$	17,712		$	15,650		$	13,800

(1)	Principally reflects changes in discount rates and prepayment speed assumptions, mostly due to changes in interest rates.
(2)	Represents changes due to collection/realization of expected cash flows over time.

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Amortized MSRs:
Balance, beginning of quarter	$	377		$	328		$	175		$	142		$	122
Purchases		29			53			161			39			25
Servicing from securitizations or asset transfers		10			9			2			—			—
Amortization		(16	)		(13	)		(10	)		(6	)		(5	)
Balance, end of quarter (1)	$	400		$	377		$	328		$	175		$	142
Fair value of amortized MSRs:
Beginning of quarter	$	457		$	440		$	252		$	205		$	146
End of quarter		484			457			440			252			205

(1) There was no valuation allowance for the periods presented.

- 26 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2007			2006			2006			2006			2006
Servicing income, net:
Servicing fees (1)	$	1,054		$	1,011		$	947		$	820		$	747
Changes in fair value of residential MSRs:
Due to changes in valuation model inputs or assumptions (2)		(11	)		66			(1,147	)		550			522
Other changes in fair value (3)		(788	)		(783	)		(663	)		(521	)		(477	)
Amortization		(16	)		(13	)		(10	)		(6	)		(5	)
Net derivative gains (losses) from economic hedges (4)		(23	)		33			1,061			(533	)		(706	)
Total servicing income, net	$	216		$	314		$	188		$	310		$	81
Market-related valuation changes to MSRs, net of hedge results (2) + (4)	$	(34	)	$	99		$	(86	)	$	17		$	(184	)

(1)	Includes contractually specified servicing fees, late charges and other ancillary revenues.
(2)	Principally reflects changes in discount rates and prepayment speed assumptions, mostly due to changes in interest rates.
(3)	Represents changes due to collection/realization of expected cash flows over time.
(4)	Represents results from free-standing derivatives (economic hedges) used to hedge the risk of changes in fair value of MSRs.

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2007			2006			2006			2006			2006
Managed servicing portfolio:
Loans serviced for others (1)	$	1,309		$	1,280		$	1,235		$	1,020		$	931
Owned loans serviced (2)		88			86			90			90			110
Total owned servicing		1,397			1,366			1,325			1,110			1,041
Sub-servicing		26			19			20			23			25
Total managed servicing portfolio	$	1,423		$	1,385		$	1,345		$	1,133		$	1,066
Ratio of MSRs to related loans serviced for others		1.39	%		1.41	%		1.46	%		1.55	%		1.50	%
Weighted-average note rate (owned servicing only)		5.93	%		5.92	%		5.86	%		5.80	%		5.75	%

(1)	Consists of 1-4 family first mortgage and commercial mortgage loans.
(2)	Consists of mortgages held for sale and 1-4 family first mortgage loans.

- 27 -

Wells Fargo & Company and Subsidiaries
SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2007			2006			2006			2006			2006
Application Data:
Wells Fargo Home Mortgage first mortgage quarterly applications	$	113		$	90		$	95		$	108		$	95
Refinances as a percentage of applications		46	%		50	%		41	%		34	%		39	%
Wells Fargo Home Mortgage first mortgage unclosed pipeline, at quarter end	$	57		$	48		$	55		$	63		$	59

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2007			2006			2006			2006			2006
Residential Real Estate Originations: (1)
Quarter:
Wells Fargo Home Mortgage first mortgage loans:
Retail	$	26		$	29		$	29		$	33		$	26
Correspondent/Wholesale		31			29			36			35			28
Home equity loans and lines		8			9			10			11			9
Wells Fargo Financial		3			3			2			2			3
Total	$	68		$	70		$	77		$	81		$	66
Year-to-date	$	68		$	294		$	224		$	147		$	66

(1) Consists of residential real estate originations from all Wells Fargo channels.