Wells Fargo & Company (WFC) 8-K Wells Fargo Reports Record Eps, Double-digit Revenue Growth

Exhibit 99

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

Tuesday, October 16, 2007

WELLS FARGO REPORTS RECORD EPS, DOUBLE-DIGIT REVENUE GROWTH

Third Quarter 2007 Highlights:

• Record diluted earnings per share of $0.68, up 6 percent from prior year’s $0.64

• Record net income of $2.28 billion, up 4 percent from prior year’s $2.19 billion

• Revenue of $9.85 billion, up 10 percent from prior year’s $8.93 billion

• Revenue growth (10 percent) exceeded expense growth (8 percent)

• Average total loans up 15 percent from prior year; up 22 percent (annualized) from prior quarter

◦ Average commercial and commercial real estate loans up 16 percent from prior year, up 24 percent (annualized) from prior quarter

◦ Average consumer loans up 15 percent from prior year and up 22 percent (annualized) from prior quarter

• Average core deposits* up 11 percent from prior year, up 8 percent (annualized) from prior quarter

• Net credit losses up $172 million from prior quarter, primarily due to increased home equity portfolio losses and seasonally higher auto portfolio losses

Selected Financial Information	Third Quarter									Nine months ended Sept. 30
							%									%
	2007			2006			Change			2007			2006			Change
Diluted earnings per share	$	0.68		$	0.64			6	%	$	2.01		$	1.85			9	%
Net income (in billions)		2.28			2.19			4			6.81			6.30			8
Revenue (in billions)		9.85			8.93			10			29.19			26.28			11
Average loans (in billions)		350.7			304.0			15			334.8			305.1			10
Average core deposits (in billions)*		306.1			269.7			13			299.1			263.8			13
Net charge-offs as % of avg. total loans		1.01	%		0.86	%		17			0.93	%		0.67	%		39
Net interest margin		4.55			4.79			(5	)		4.79			4.80			—

* See Footnote 3 to Summary Financial Data, page 12.

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SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported record diluted earnings per common share of $0.68 for third quarter 2007, up 6 percent from $0.64 in third quarter 2006. Net income was $2.28 billion, up 4 percent from $2.19 billion in third quarter 2006. For the first nine months of 2007, diluted earnings per share were a record $2.01 and net income was a record $6.81 billion, up 9 percent and 8 percent, respectively, from the first nine months of 2006.

“Given the severe disruption in the credit markets, it was a challenging quarter to be sure. Despite that, we had strong growth in revenue and earnings per share, as our team members remained focused on executing our time-tested, diversified business model,” said President and CEO John Stumpf. “Our team continued to earn more of our customers’ business, setting a new record in customer cross-sell of 5.5 products per consumer household. We maintained our conservative risk management practices, and our strong balance sheet and capital ratios, perhaps the strongest in the industry, which allowed us to continue to grow profitably despite the problems in the market. A challenging environment presents exceptional growth opportunities, perhaps the best in recent years and we are well positioned to take advantage of them. We welcome the new team members and customers from Greater Bay Bancorp who joined our Wells Fargo family this month, adding $7.4 billion in assets and 41 banking stores across the San Francisco Bay Area, including the teams from Greater Bay’s ABD Insurance and Financial Services and Matsco Financial Corporation.”

Financial Performance

Diluted earnings per share rose 6 percent to a record $0.68. “While we’re not immune to the evolving slowdown in the housing sector, we had another solid quarter, in total and across most of our businesses, despite the turbulent credit markets,” said Chief Financial Officer Howard Atkins. “Once again, these solid results were driven by double-digit revenue growth (10 percent), positive operating leverage (revenue growth 2 percentage points above expense growth), double-digit growth in both loans and core deposits, and operating margins that remained at the top of the large bank peer group.”

Revenue

Revenue of $9.85 billion was up $919 million, or 10 percent, from a year ago. Year-to-date revenue growth was 11 percent. “Achieving double-digit revenue growth during the challenging environment in the third quarter once again reflected the value of our diversified business model and our success in earning more of our customers’ business,” said Atkins. Businesses that generated double-digit, year-over-year revenue growth included asset management, real estate brokerage, insurance, international, small business lending, wealth management, credit card, global remittance services, corporate trust and home mortgage.

Revenue was flat on a linked-quarter basis, with most businesses up solidly, offset by a seasonal drop in insurance premiums and a decline in real estate brokerage fees from the record set in second quarter 2007. The declines in insurance and real estate brokerage fees were partially offset by associated declines in expenses in these businesses.

Loans

Average loans of $350.7 billion increased $46.7 billion, or 15 percent, from a year ago. On a linked-quarter basis, average loans grew $18.7 billion, including the impact of the acquisitions of Placer Sierra Bancshares ($1.2 billion) and CIT Construction ($2.6 billion).

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This was the 12^th consecutive quarter of double-digit, year-over-year growth for average commercial and commercial real estate loans, up $18.8 billion, or 16 percent. Commercial loan growth was broadly diversified by product and geography, with small business lending, specialized financial services, asset-based lending, international, and commercial real estate generating double-digit loan growth from third quarter 2006. On a linked-quarter basis, average commercial and commercial real estate loans increased $7.7 billion, or 24 percent (annualized), including $3.5 billion from acquisitions. Average consumer loans increased $26.9 billion, or 15 percent, from third quarter 2006 and increased $10.7 billion, or 22 percent (annualized), from second quarter 2007, including $350 million from acquisitions.

Deposits

Average core deposits were $306.1 billion, up $36.4 billion, or 13 percent, year over year and up 7 percent (annualized) on a linked-quarter basis, including $1.7 billion from the acquisition of Placer Sierra Banchsares. Core deposits include certain Eurodollar sweep accounts that previously were swept into non-deposit products. Including only the growth in these funds post conversion to deposits, average core deposits grew 11 percent year over year. Average mortgage escrow deposits were $22.4 billion, up $3 billion from third quarter 2006 and down $1 billion from second quarter 2007. Excluding mortgage escrow balances, total average core deposits grew 13 percent from third quarter 2006 and 9 percent (annualized) on a linked-quarter basis. Average retail core deposits grew $14.3 billion, or 7 percent, from third quarter 2006 and increased $627 million, or 1 percent (annualized), on a linked-quarter basis. Net new consumer checking accounts grew 4.8 percent from third quarter 2006.

Net Interest Income

Net interest income increased 5 percent from third quarter 2006 and 6 percent (annualized) from second quarter 2007. “During the quarter, we sold $27 billion of our lowest-yielding mortgage-backed securities that were largely hedging the mortgage servicing rights (MSRs) asset against a decline in interest rates,” said Atkins. “The securities were replaced with off-balance sheet economic hedges to more efficiently manage the market risk in the MSRs portfolio. Since most of these securities were sold on a forward basis, they remained on the balance sheet for most of the quarter, while only modestly adding to net interest income, the principal reason the net interest margin declined during the quarter. In total, gains on the sale of all mortgage-backed securities in the quarter were $160 million, largely offset by the associated loss on the forward sales contracts executed to lock in the sale of the securities. The sale of the mortgage-backed securities also provided additional capacity to acquire more attractively-yielding assets. About $17 billion of new loans and securities were purchased later in the third quarter at yields well above the yields on the mortgage-backed securities that were sold, which will benefit net interest margin in fourth quarter 2007.” Net interest income was reduced by approximately $15 million in the quarter due to temporarily elevated short-term London Interbank Offered Rate (LIBOR)-based funding costs at the peak of the dislocation in the capital markets in August.

Noninterest Income

Noninterest income increased $686 million, or 18 percent, from third quarter 2006. The double-digit, year-over-year growth in fee income reflected very strong growth in deposit service fees (up 18 percent); trust and investment fees (up 17 percent driven by new business growth and market appreciation); card fees (up 21 percent driven by business activity and continued increases in debit/credit card penetration rates); and other fees (up 11 percent driven by real estate brokerage fees). Mortgage banking noninterest income increased $339 million year over year and $134 million

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on a linked-quarter basis with the growth and value of the mortgage servicing business more than offsetting a decline of 12 percent in mortgage originations from a year ago. On a linked-quarter basis, there was a seasonal drop in insurance premiums and a decline in real estate brokerage fees from the record set in second quarter 2007.

During the quarter, noninterest income was affected by widening credit spreads, increases in market volatility, changes in interest rates and other credit/housing market conditions, including:

•	($490) million	Reduction in net mortgage loan origination/sales activities gains reflecting a write-down of the mortgage warehouse/pipeline due to the illiquidity in the non-agency mortgage secondary market, a write-down of mortgage loans repurchased during the quarter, and an increase in the repurchase reserve for projected early payment defaults
•	$562 million	Increase in mortgage servicing income reflecting a $638 million reduction in the value of MSRs due to the decline in mortgage rates during the quarter, offset by a $1.2 billion gain on the financial instruments hedging the MSRs. The ratio of MSRs to related loans serviced for others was 1.35 percent, the lowest capitalization ratio in eight quarters
•	($14) million	Net loss on the sale of mortgage-backed securities by Wells Fargo Home Mortgage, consisting of a $109 million realized gain on debt securities offset by a $123 million realized loss on the related forward sales contract, recorded in other noninterest income – trading activities
•	($20) million	Write-down on commercial loans held for sale, recorded in other noninterest income

At September 30, 2007, the net unrealized gain on the debt and equity securities available for sale portfolio was $581 million, up from $91 million at June 30, 2007. “Given our long-standing practice of opportunistically selling lower-yielding available for sale securities and buying only when long-term rates are perceived to be high, we continued to hold what we believe is one of the best yielding debt securities portfolios in the industry,” said Atkins.

Noninterest Expense

Noninterest expense increased $420 million, or 8 percent, from third quarter 2006, 2 percentage points below revenue growth, resulting in positive operating leverage. The efficiency ratio improved to 55.8 percent from 56.9 percent a year ago and 57.9 percent in second quarter 2007. Third quarter expenses included $26 million for merger and integration costs, and severance and other costs in the residential real estate businesses. “While we actively manage our expenses for positive operating leverage and have reduced expenses at Wells Fargo Home Mortgage, we continued to invest for future growth,” said Atkins. “We added 20 banking stores and converted 39 Placer Sierra Bancshares stores in the third quarter, as well as added 342 platform bankers.” Noninterest expense declined $226 million, or 16 percent (annualized), from second quarter 2007, primarily due to lower expenses in the insurance and real estate brokerage businesses.

Credit Quality

Net credit losses were $892 million (1.01 percent of average loans, annualized) up from $720 million (0.87 percent) in second quarter 2007 and from $663 million (0.86 percent) in third

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quarter 2006. “Almost half of the increase in net credit losses from second quarter 2007 was concentrated in the home equity portfolio, where losses accelerated in the quarter given the steeper than anticipated decline in national home prices,” said Chief Credit Officer Mike Loughlin. “The remainder of the increased credit losses was concentrated in the auto portfolio (seasonally higher in the second half of the year) and in unsecured consumer credit (largely due to portfolio growth, with loss rates remaining relatively stable). Commercial loan losses remained modest and within portfolio expectations.”

	September 30, 2007					June 30, 2007
	Net loan		As a %			Net loan		As a %
	charge-offs		of average			charge-offs		of average
	(in millions)		loans			(in millions)		loans
Total commercial and commercial real estate		$  125		0.37	%		$  107		0.33	%
Consumer:
Real estate 1-4 family first mortgage		16		0.11			19		0.13
Real estate 1-4 family junior lien		153		0.83			91		0.51
Credit card		176		4.30			161		4.31
Other revolving credit and installment		368		2.68			295		2.22
Total consumer		713		1.36			566		1.15
Foreign		54		2.86			47		2.64
Total loans		$  892		1.01	%		$  720		0.87	%

“Our first mortgage portfolio continued to perform well, with annualized losses of 0.11 percent – only $16 million on the entire portfolio of $63.9 billion (average) for third quarter 2007 – down from 0.13 percent in second quarter 2007,” said Loughlin. “The $24 billion debt consolidation portfolio at Wells Fargo Financial continued to grow and perform as expected, and better than industry levels. First mortgage delinquency rates also remained considerably below industry levels.”

Net credit losses and loss rates in the home equity portfolio increased over the prior quarter and prior year. Third quarter 2007 net credit losses in real estate 1-4 family junior liens were $153 million (0.83 percent of average loans, annualized), a $62 million increase from $91 million (0.51 percent) for second quarter 2007. Third quarter 2006 losses were $27 million (0.17 percent). “The majority of the home equity portfolio segments, those sourced through our retail stores or through cross-sell from Wells Fargo Home Mortgage, performed satisfactorily during the quarter,” said Loughlin. “Losses have increased on a linked-quarter basis as the softness in the residential real estate market continued to impact consumers. We have tracked national real estate and economic trends for a number of years and due to the continued soft market conditions we reduced maximum allowable combined loan-to-value advance rates for all sales channels during the third quarter. In addition, a segment of the portfolio, correspondent home equity loans purchased from third party originators, has demonstrated an unacceptable level of credit losses. The loans generated by our correspondent channel represented about 7 percent of the home equity portfolio at quarter end, but generated about 25 percent of the losses in the quarter. As this adverse trend emerged, we tightened credit standards earlier in 2007 and completely eliminated this channel during the third quarter. Given current real estate market conditions, credit losses in the home equity portfolio are likely to increase in fourth quarter 2007 and remain at elevated levels into 2008.”

Losses in non-real estate consumer loans (credit card and other revolving credit and installment) were higher primarily due to typical second half seasonal increases in the indirect auto portfolio,

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with net auto losses up $57 million from the prior quarter. Year over year, net auto losses were down $32 million. “Third quarter results demonstrated that credit performance in auto has stabilized as we continued to refine the indirect auto business model,” said Loughlin. Losses in all other consumer portfolios, including credit cards and retail store lines of credit, increased only $32 million during the third quarter primarily due to slightly higher levels of bankruptcies and delinquency rates.

Credit performance in the commercial and commercial real estate portfolio remained strong, with credit losses of $125 million (0.37 percent of average loans) compared with $107 million (0.33 percent) in second quarter 2007. As is typical each quarter, the vast majority of these charge-offs came from the small business loan portfolio (loans under $100,000), which continued to perform as expected. “Because of our Wholesale Banking business model, focused primarily on middle-market customers and regional commercial real estate, we do not actively participate in many higher-risk activities,” said Loughlin. “We did not create any structured investment vehicles to hold off-balance assets and have no direct exposure to hedge funds. LBO-related outstandings are diversified by business and borrower and at quarter end totaled less than 2 percent of total Wells Fargo loans. Our residential real estate development portfolio of less than $6 billion, or 2 percent of total loans, continued to perform in a satisfactory manner.”

Total nonperforming assets were $3.18 billion (0.88 percent of loans) at September 30, 2007, compared with $2.72 billion (0.79 percent) at June 30, 2007, and $2.10 billion (0.68 percent) at September 30, 2006. The majority of the $468 million increase in nonperforming assets from second quarter 2007 was concentrated in the residential real estate portfolio. Commercial and commercial real estate nonperforming assets increased $124 million, as one large, residential real estate developer was moved to nonperforming status.

Loans 90 days or more past due and still accruing totaled $5.53 billion, $4.99 billion and $3.66 billion at September 30, 2007, June 30, 2007 and September 30, 2006, respectively. For the same periods, the total included $4.26 billion, $3.91 billion, and $2.69 billion, respectively, in advances pursuant to our servicing agreement to GNMA mortgage pools whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs.

Loans 90 Days or More Past Due and Still Accruing
(Excluding Insured/Guaranteed GNMA Balances)
	Sept. 30		,	June 30		,	Sept. 30		,
(in millions)	2007			2007			2006
Commercial and commercial real estate:
Commercial	$	14		$	21		$	20
Other real estate mortgage		22			2			8
Real estate construction		10			4			4
Total commercial and commercial real estate		46			27			32
Consumer:
Real estate 1-4 family first mortgage		225			179			123
Real estate 1-4 family junior lien mortgage		127			76			50
Credit card		303			253			213
Other revolving credit and installment		520			515			516
Total consumer		1,175			1,023			902
Foreign		42			36			41
Total	$	1,263		$	1,086		$	975

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The allowance for credit losses, including unfunded commitments, was $4.02 billion at September 30, 2007. “We believe the allowance was adequate for losses inherent in the loan portfolio at September 30, 2007,” said Loughlin. “We continue to monitor allowance adequacy in light of volatile economic and real estate markets.”

Business Segment Performance

Wells Fargo has three lines of business for management reporting: Community Banking, Wholesale Banking and Wells Fargo Financial.

Net Income	Third Quarter							Nine months ended Sept. 30
					%							%
(in millions)	2007		2006		Change			2007		2006		Change
Community Banking	$	1,605	$	1,493		8		$	4,710	$	4,080		15
Wholesale Banking		543		510		6			1,693		1,527		11
Wells Fargo Financial		135		191		(29	)		403		694		(42	)

More financial information about the business segments is on pages 27 and 28.

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		Third Quarter						Nine months ended Sept. 30
						%						%
(in millions)		2007		2006		Change		2007		2006		Change
Total revenue		$	6,477	$	5,784		12	$	18,878	$	16,902		12
Provision for credit losses			446		236		89		1,105		612		81
Noninterest expense			3,619		3,392		7		10,926		10,264		6
Net income			1,605		1,493		8		4,710		4,080		15
Average loans (in billions)	��		197.4		172.5		14		188.2		178.8		5
Average core deposits (in billions)			250.6		233.1		8		248.5		231.4		7

Community Banking reported net income of $1.61 billion, up $112 million, or 8 percent, from third quarter 2006, due to strong fee income in retail banking and mortgage, as well as positive operating leverage. Noninterest income increased $618 million, or 25 percent, compared with third quarter 2006, largely due to increases related to brokerage, deposit service charges, cards, investments and mortgage banking. Noninterest expense increased $227 million, or 7 percent, due to growth in personnel expense. The provision for credit losses increased $210 million, or 89 percent, due primarily to higher losses in the home equity portfolio. Average loans increased $24.9 billion, or 14 percent, from third quarter 2006. Average core deposits grew $17.5 billion, or 8 percent, from third quarter 2006.

Regional Banking Highlights

• Record core product solutions (sales) of 5.25 million, up 9 percent from prior year on a comparable basis

• Record retail bank household cross-sell of 5.5 products per household

• Sales ofWells Fargo Packages^® (a checking account and at least three other products) up 13 percent from prior year, purchased by 69 percent of new checking account customers

• Net consumer checking accounts up 4.8 percent from prior year

• Store-based customer loyalty scores up 9 percent from prior year

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• Business Banking

◦ Store-based business solutions up 16 percent from prior year on a comparable basis

◦ Loans to small businesses (loans primarily less than $100,000 on our Business Direct platform) up 19 percent from prior year

◦ Net business checking accounts up 4.3 percent from prior year

◦ Business Banking household cross-sell at 3.5, up from 3.2 in prior year

◦ Sales ofWells Fargo Business Services Packages(a business checking account and at least three other business products) up 31 percent from prior year, purchased by 43 percent of new business checking account customers

“Thank you to our Regional Banking team for their continued focus on earning 100 percent of our customers’ business,” said Carrie Tolstedt, senior EVP, Community Banking. “We had solid results this quarter, with a record 5.25 million core product solutions provided to customers, up 9 percent from the prior year on a comparable basis. Our retail bank household cross-sell rose to a record high of 5.5, and 69 percent of new checking account customers purchasedWells Fargo Packages. Sales of store-based business solutions increased 16 percent from prior year on a comparable basis, and sales ofWells Fargo Business Services Packagesrose 31 percent. We continue to perform 50,000 store-based customer surveys per month. For customers transacting at the teller line, welcoming and wait time survey scores were up 16 percent and customer loyalty scores improved 9 percent from same period last year. We opened 20 banking stores and converted 39 Placer Sierra Bancshares stores to our network, bringing our total retail store count to 3,283. To better serve our customers, we added 49webATM^® machines and converted 199 toEnvelope-Free^SMwebATM machines bringing our total to 1,102, primarily in Northern California.”

Home Mortgage and Home Equity Highlights

• Mortgage originations of $68 billion, down $9 billion from prior year

• Mortgage applications of $95 billion, flat from prior year

• Mortgage application pipeline of $45 billion, down $10 billion from prior year

• Record owned mortgage servicing portfolio of $1.48 trillion, up 11 percent from prior year, up 9 percent (annualized) from prior quarter

• National Home Equity Group portfolio of $83 billion

“We experienced an extremely challenging business environment in the quarter for our home mortgage and home equity businesses as a result of the decline of home values and an unprecedented disruption in the secondary markets,” said Mark Oman, senior EVP, Home and Consumer Finance Group. “This environment demonstrated the value of operating a balanced mortgage business model between originations and servicing businesses. While the performance of the origination business was negatively impacted by the lack of liquidity in the secondary market and widening of credit spreads, the servicing business performed well and benefited from many of the same market factors that adversely impacted the origination business.

“Given the uncertainty in the housing and capital markets, we took actions in both the home equity and home mortgage businesses to eliminate origination activities where we didn’t think we could be both competitively priced and appropriately compensated for risk. These actions, along with an industry-wide origination slowdown, contributed to a 12 percent reduction in residential real estate originations from third quarter 2006. The mortgage market disruptions have also created opportunities for us to strengthen our mortgage sales force by selectively hiring highly-successful sales representatives from our competitors.”

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The National Home Equity Group portfolio was $83 billion at September 30, 2007, up 7 percent from a year ago. Growth of this portfolio has slowed, and the portfolio had significantly higher credit losses than it has historically experienced as a result of the continuing decline in home values.

Wealth Management Group Highlights

• Revenue up 20 percent from prior year

• Net income up 24 percent from prior year

• Brokerage assets under administration up 15 percent from prior year

• Brokerage revenue up 31 percent, net income up 51 percent from prior year

• Wells Fargo Private Banking opened office in Chicago

Internet Highlights

• 9.46 million active online consumers, up 14 percent from prior year, reaching 64 percent of all checking account customers

• 950,000 active online small business customers, up 19 percent from prior year

• 4.7 million online money movement customers, up 19 percent from prior year

• Global Financeranked Wells Fargo “Best Integrated Consumer Bank Site”

• LaunchedWells Fargo Mobile^SM for consumers and small business customers

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	Third Quarter						Nine months ended Sept. 30
					%							%
(in millions)	2007		2006		Change		2007		2006			Change
Total revenue	$	2,003	$	1,784		12	$	6,199	$	5,351			16
Provision (reversal of provision) for credit losses		19		—		—		33		(9	)		—
Noninterest expense		1,154		999		16		3,560		3,009			18
Net income		543		510		6		1,693		1,527			11
Average loans (in billions)		87.5		72.3		21		82.4		70.1			18
Average core deposits (in billions)		55.5		36.5		52		50.6		32.3			57

• Double-digit increases in revenue, loans and core deposits from same period last year

• Institutional assets under management up 14 percent from same period last year

• Surpassed $1 billion in financing LEED-certified green buildings

“Wells Fargo’s wholesale businesses continued to perform well despite a challenging environment,” said Dave Hoyt, senior EVP, Wholesale Banking Group. “Our disciplined lending and investing approach positions us well for economic cycles and has allowed us to maintain a conservative risk profile relative to the industry. The market volatility helped several of our businesses, including foreign exchange and financial products, set new volume records. Recent acquisitions like CIT Construction have been successfully integrated, and we’re seeing the benefits of those acquisitions for Wells Fargo and our customers.”

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Wholesale Banking’s net income was $543 million, up 6 percent from a year ago. For the first nine months of 2007, Wholesale Banking reported net income of $1.7 billion, up 11 percent from the same period of 2006. Third quarter 2007 revenue increased 12 percent to $2.0 billion from a year ago, driven by strong loan and deposit growth and higher fee income. Average loans reached $87.5 billion, up 21 percent from a year ago, with double-digit increases across nearly all wholesale lending businesses. Average core deposits were $55.5 billion, up 52 percent from a year ago, all in interest-bearing balances, reflecting a combination of organic growth from new and existing customers and conversions, completed in 2006, of customer sweep accounts from off-balance sheet money market funds into Wells Fargo deposits. Noninterest income increased $116 million from third quarter 2006 due to higher commercial real estate brokerage fees, trust and investment income (reflecting a 14 percent increase in assets under management), foreign exchange and insurance revenue, partially offset by a lower level of capital markets activity. Noninterest expense increased $155 million from a year ago, mainly due to higher personnel-related costs, including additional team members and higher incentive expenses, and expenses associated with higher sales volumes and acquisitions completed in the latter part of 2006.

Wells Fargo Financialoffers consumer loans primarily through real-estate 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	Third Quarter							Nine months ended Sept. 30
					%							%
(in millions)	2007		2006		Change			2007		2006		Change
Total revenue	$	1,373	$	1,366		1		$	4,108	$	4,025		2
Provision for credit losses		427		377		13			1,189		875		36
Noninterest expense		728		690		6			2,268		2,058		10
Net income		135		191		(29	)		403		694		(42	)
Average loans (in billions)		65.8		59.2		11			64.2		56.2		14

• Average loans up 11 percent from third quarter 2006

◦ Real estate-secured receivables up 24 percent to $26.1 billion

◦ Auto finance receivables up 5 percent to $27.8 billion

“We continued to see solid performance from our real-estate secured product, despite pressures brought on by the housing markets,” said Tom Shippee, Wells Fargo Financial president and CEO. “Credit quality remained sound, as real estate losses and delinquencies in the quarter were within our model. Losses in our auto portfolio were down $32 million year over year, but up $57 million from second quarter 2007 due to seasonality. We continued to conservatively manage growth in the auto portfolio, with receivables flat on a linked-quarter basis, and saw positive results from the additional collection capacity added late last year. Delinquencies have increased due to seasonality, but total and 90-day results improved over third quarter 2006. We continue to manage our store network and reduce redundancy. Through third quarter 2007, approximately 8 percent of our Wells Fargo Financial store locations have been closed and team members have been redeployed to other locations, which will improve the overall effectiveness and efficiency of our store operations.”

Wells Fargo Financial’s net income was $135 million in third quarter 2007, down 29 percent, or $56 million, from a year ago. For the first nine months of 2007, Wells Fargo Financial reported net income of $403 million, down 42 percent, or $291 million, from the same period of 2006. Prior year

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results included a $50 million reversal of the allowance for credit losses previously established for Hurricane Katrina. Third quarter 2007 revenue of $1.4 billion was virtually flat compared with third quarter 2006. Average loans reached $65.8 billion, up 11 percent from a year ago due primarily to 24 percent growth in the real estate loan portfolio. Noninterest expense increased 6 percent, or $38 million, to $728 million from a year ago, primarily due to increased collection capacity added in the auto business.

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. The recorded call will be available through October 19, 2007. Dial 877-660-6853 (domestic) or 201-612-7415 (international). Enter account number 286# and conference ID 255747#. The call is also available on the internet atwww.wellsfargo.com/ir andhttp://www.vcall.com/IC/CEPage.asp?ID=120904.

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 that:

• loans and securities purchased in third quarter 2007 will benefit net interest margin in fourth quarter 2007;

• credit losses in the home equity portfolio are likely to increase in fourth quarter 2007 and remain at elevated levels into 2008;

• we believe the allowance for credit losses was adequate for losses inherent in the loan portfolio at September 30, 2007; and

• redeployment of Wells Fargo Financial team members from store locations that have been closed to other store locations will improve the overall effectiveness and efficiency of store operations.

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 further deterioration in the credit quality of our home equity, real estate, auto or other loan portfolios, or in the value of the collateral securing those loans, due to higher interest rates, increased unemployment, a decline in home or auto 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, as updated by our Quarterly Report on Form 10-Q for the quarter ended June 30, 2007, filed with the Securities and Exchange Commission and available on the SEC’s website atwww.sec.gov.

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 $549 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 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.”

# # #

-12-

Wells Fargo & Company and Subsidiaries
SUMMARY FINANCIAL DATA

	Quarter ended Sept. 30					,	%			Nine months ended Sept. 30					,	%
($ in millions, except per share amounts)	2007			2006			Change			2007			2006			Change
For the Period
Net income	$	2,283		$	2,194			4	%	$	6,806		$	6,301			8	%
Diluted earnings per common share		0.68			0.64			6			2.01			1.85			9
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.67	%		1.76	%		(5	)		1.79	%		1.73	%		3
Net income to average stockholders’ equity (ROE)		19.12			20.00			(4	)		19.44			19.89			(2	)
Efficiency ratio (1)		55.8			56.9			(2	)		57.4			58.3			(2	)
Total revenue	$	9,853		$	8,934			10		$	29,185		$	26,278			11
Dividends declared per common share (2)		0.31			—			—			0.87			0.80			9
Dividends paid per common share		0.31			0.28			11			0.87			0.80			9
Average common shares outstanding		3,339.6			3,371.9			(1	)		3,355.5			3,364.6			—
Diluted average common shares outstanding		3,374.0			3,416.0			(1	)		3,392.9			3,405.5			—
Average loans	$	350,683		$	303,980			15		$	334,801		$	305,141			10
Average assets		541,533			494,679			9			508,992			487,182			4
Average core deposits (3)		306,135			269,725			13			299,142			263,818			13
Average retail core deposits (4)		228,633			214,294			7			226,799			214,358			6
Net interest margin		4.55	%		4.79	%		(5	)		4.79	%		4.80	%		—
At Period End
Securities available for sale	$	57,440		$	52,635			9		$	57,440		$	52,635			9
Loans		362,922			307,491			18			362,922			307,491			18
Allowance for loan losses		3,829			3,799			1			3,829			3,799			1
Goodwill		12,018			11,192			7			12,018			11,192			7
Assets		548,727			483,441			14			548,727			483,441			14
Core deposits (3)		303,853			270,818			12			303,853			270,818			12
Stockholders’ equity		47,738			44,862			6			47,738			44,862			6
Capital ratios:
Stockholders’ equity to assets		8.70	%		9.28	%		(6	)		8.70	%		9.28	%		(6	)
Risk-based capital (5)
Tier 1 capital		8.21			8.74			(6	)		8.21			8.74			(6	)
Total capital		11.11			12.34			(10	)		11.11			12.34			(10	)
Tier 1 leverage (5)		7.29			7.41			(2	)		7.29			7.41			(2	)
Book value per common share	$	14.36		$	13.30			8		$	14.36		$	13.30			8
Team members (active, full-time equivalent)		158,800			156,400			2			158,800			156,400			2
Common Stock Price
High	$	37.99		$	36.89			3		$	37.99		$	36.89			3
Low		32.66			33.36			(2	)		32.66			30.31			8
Period end		35.62			36.18			(2	)		35.62			36.18			(2	)

(1)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	On April 25, 2006, the Company’s Board of Directors declared the second quarter 2006 cash dividend payable June 1, 2006. On June 27, 2006, the Board declared a two-for-one split in the form of a 100% stock dividend on the Company’s common stock and, at the same time, the third quarter 2006 cash dividend payable September 1, 2006.
(3)	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. Average core deposits included converted Eurodollar sweep accounts of $9,888 million and $3,343 million for the quarters ended September 30, 2007, and September 30, 2006, respectively. Average core deposits increased 11% from third quarter 2006, not including these converted balances.
(4)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5)	The September 30, 2007, ratios are preliminary.

-13-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
($ in millions, except per share amounts)	2007			2007			2007			2006			2006
For the Quarter
Net income	$	2,283		$	2,279		$	2,244		$	2,181		$	2,194
Diluted earnings per common share		0.68			0.67			0.66			0.64			0.64
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.67	%		1.82	%		1.89	%		1.79	%		1.76	%
Net income to average stockholders’ equity (ROE)		19.12			19.55			19.65			18.99			20.00
Efficiency ratio (1)		55.8			57.9			58.5			57.5			56.9
Total revenue	$	9,853		$	9,891		$	9,441		$	9,413		$	8,934
Dividends declared per common share (2)		0.31			0.28			0.28			0.28			—
Dividends paid per common share		0.31			0.28			0.28			0.28			0.28
Average common shares outstanding		3,339.6			3,351.2			3,376.0			3,379.4			3,371.9
Diluted average common shares outstanding		3,374.0			3,389.3			3,416.1			3,424.0			3,416.0
Average loans	$	350,683		$	331,970		$	321,429		$	312,166		$	303,980
Average assets		541,533			502,686			482,105			482,585			494,679
Average core deposits (3)		306,135			300,535			290,586			283,790			269,725
Average retail core deposits (4)		228,633			228,006			223,729			220,025			214,294
Net interest margin		4.55	%		4.89	%		4.95	%		4.93	%		4.79	%
At Quarter End
Securities available for sale	$	57,440		$	72,179		$	45,443		$	42,629		$	52,635
Loans		362,922			342,800			325,487			319,116			307,491
Allowance for loan losses		3,829			3,820			3,772			3,764			3,799
Goodwill		12,018			11,983			11,275			11,275			11,192
Assets		548,727			539,865			485,901			481,996			483,441
Core deposits (3)		303,853			300,602			296,469			288,068			270,818
Stockholders’ equity		47,738			47,301			46,135			45,876			44,862
Capital ratios:
Stockholders’ equity to assets		8.70	%		8.76	%		9.49	%		9.52	%		9.28	%
Risk-based capital (5)
Tier 1 capital		8.21			8.57			8.70			8.95			8.74
Total capital		11.11			11.72			12.10			12.50			12.34
Tier 1 leverage (5)		7.29			7.90			7.83			7.89			7.41
Book value per common share	$	14.36		$	14.07		$	13.77		$	13.58		$	13.30
Team members (active, full-time equivalent)		158,800			158,700			159,600			158,000			156,400
Common Stock Price
High	$	37.99		$	36.49		$	36.64		$	36.99		$	36.89
Low		32.66			33.93			33.01			34.90			33.36
Period end		35.62			35.17			34.43			35.56			36.18

(1)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)	On April 25, 2006, the Company’s Board of Directors declared the second quarter 2006 cash dividend payable June 1, 2006. On June 27, 2006, the Board declared a two-for-one split in the form of a 100% stock dividend on the Company’s common stock and, at the same time, the third quarter 2006 cash dividend payable September 1, 2006.
(3)	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. Average core deposits included converted Eurodollar sweep accounts of $9,888 million, $9,888 million, $9,888 million, $8,888 million and $3,343 million for the quarters ended September 30, 2007, June 30, 2007, March 31, 2007, December 31, 2006 and September 30, 2006, respectively. Average core deposits increased 11% from third quarter 2006, not including these converted balances.
(4)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5)	The September 30, 2007, ratios are preliminary.

-14-

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME

	Quarter ended Sept. 30,				%			Nine months ended Sept. 30,					%
(in millions, except per share amounts)	2007		2006		Change			2007		2006			Change
INTEREST INCOME
Trading assets	$	37	$	45		(18	)%	$	137	$	179			(23	)%
Securities available for sale		1,032		1,014		2			2,470		2,552			(3	)
Mortgages held for sale		586		702		(17	)		1,694		2,119			(20	)
Loans held for sale		19		12		58			51		34			50
Loans		7,477		6,555		14			21,341		18,910			13
Other interest income		72		71		1			242		214			13
Total interest income		9,223		8,399		10			25,935		24,008			8
INTEREST EXPENSE
Deposits		2,218		1,997		11			6,016		5,273			14
Short-term borrowings		464		271		71			865		830			4
Long-term debt		1,261		1,084		16			3,568		3,004			19
Total interest expense		3,943		3,352		18			10,449		9,107			15
NET INTEREST INCOME		5,280		5,047		5			15,486		14,901			4
Provision for credit losses		892		613		46			2,327		1,478			57
Net interest income after provision for credit losses		4,388		4,434		(1	)		13,159		13,423			(2	)
NONINTEREST INCOME
Service charges on deposit accounts		837		707		18			2,262		1,995			13
Trust and investment fees		777		664		17			2,347		2,002			17
Card fees		561		464		21			1,548		1,266			22
Other fees		566		509		11			1,715		1,507			14
Mortgage banking		823		484		70			2,302		1,634			41
Operating leases		171		192		(11	)		550		593			(7	)
Insurance		329		313		5			1,160		1,041			11
Net gains (losses) on debt securities available for sale		160		121		32			149		(70	)		—
Net gains from equity investments		173		159		9			512		482			6
Other		176		274		(36	)		1,154		927			24
Total noninterest income		4,573		3,887		18			13,699		11,377			20
NONINTEREST EXPENSE
Salaries		1,933		1,769		9			5,707		5,195			10
Incentive compensation		802		710		13			2,444		2,092			17
Employee benefits		518		458		13			1,764		1,534			15
Equipment		295		294		—			924		913			1
Net occupancy		398		357		11			1,132		1,038			9
Operating leases		136		155		(12	)		437		473			(8	)
Other		1,419		1,338		6			4,346		4,086			6
Total noninterest expense		5,501		5,081		8			16,754		15,331			9
INCOME BEFORE INCOME TAX EXPENSE		3,460		3,240		7			10,104		9,469			7
Income tax expense		1,177		1,046		13			3,298		3,168			4
NET INCOME	$	2,283	$	2,194		4		$	6,806	$	6,301			8
EARNINGS PER COMMON SHARE	$	0.69	$	0.65		6		$	2.03	$	1.87			9
DILUTED EARNINGS PER COMMON SHARE	$	0.68	$	0.64		6		$	2.01	$	1.85			9
DIVIDENDS DECLARED PER COMMON SHARE	$	0.31	$	—		—		$	0.87	$	0.80			9
Average common shares outstanding		3,339.6		3,371.9		(1	)		3,355.5		3,364.6			—
Diluted average common shares outstanding		3,374.0		3,416.0		(1	)		3,392.9		3,405.5			—

-15-

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

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions, except per share amounts)	2007			2007			2007			2006			2006
INTEREST INCOME
Trading assets	$	37		$	47		$	53		$	46		$	45
Securities available for sale		1,032			752			686			726			1,014
Mortgages held for sale		586			578			530			627			702
Loans held for sale		19			17			15			13			12
Loans		7,477			7,100			6,764			6,701			6,555
Other interest income		72			79			91			118			71
Total interest income		9,223			8,573			8,139			8,231			8,399
INTEREST EXPENSE
Deposits		2,218			1,941			1,857			1,901			1,997
Short-term borrowings		464			265			136			162			271
Long-term debt		1,261			1,171			1,136			1,118			1,084
Total interest expense		3,943			3,377			3,129			3,181			3,352
NET INTEREST INCOME		5,280			5,196			5,010			5,050			5,047
Provision for credit losses		892			720			715			726			613
Net interest income after provision for credit losses		4,388			4,476			4,295			4,324			4,434
NONINTEREST INCOME
Service charges on deposit accounts		837			740			685			695			707
Trust and investment fees		777			839			731			735			664
Card fees		561			517			470			481			464
Other fees		566			638			511			550			509
Mortgage banking		823			689			790			677			484
Operating leases		171			187			192			190			192
Insurance		329			432			399			299			313
Net gains (losses) on debt securities available for sale		160			(42	)		31			51			121
Net gains from equity investments		173			242			97			256			159
Other		176			453			525			429			274
Total noninterest income		4,573			4,695			4,431			4,363			3,887
NONINTEREST EXPENSE
Salaries		1,933			1,907			1,867			1,812			1,769
Incentive compensation		802			900			742			793			710
Employee benefits		518			581			665			501			458
Equipment		295			292			337			339			294
Net occupancy		398			369			365			367			357
Operating leases		136			148			153			157			155
Other		1,419			1,530			1,397			1,442			1,338
Total noninterest expense		5,501			5,727			5,526			5,411			5,081
INCOME BEFORE INCOME TAX EXPENSE		3,460			3,444			3,200			3,276			3,240
Income tax expense		1,177			1,165			956			1,095			1,046
NET INCOME	$	2,283		$	2,279		$	2,244		$	2,181		$	2,194
EARNINGS PER COMMON SHARE	$	0.69		$	0.68		$	0.66		$	0.65		$	0.65
DILUTED EARNINGS PER COMMON SHARE	$	0.68		$	0.67		$	0.66		$	0.64		$	0.64
DIVIDENDS DECLARED PER COMMON SHARE	$	0.31		$	0.28		$	0.28		$	0.28		$	—
Average common shares outstanding		3,339.6			3,351.2			3,376.0			3,379.4			3,371.9
Diluted average common shares outstanding		3,374.0			3,389.3			3,416.1			3,424.0			3,416.0

-16-

Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET

										% Change
										Sept. 30, 2007 from
	Sept. 30		,	Dec. 31		,	Sept. 30		,	Dec. 31		,	Sept. 30		,
(in millions, except shares)	2007			2006			2006			2006			2006
ASSETS
Cash and due from banks	$	12,200		$	15,028		$	12,591			(19	)%		(3	)%
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,546			6,078			4,079			(25	)		11
Trading assets		7,298			5,607			5,300			30			38
Securities available for sale		57,440			42,629			52,635			35			9
Mortgages held for sale (includes $26,714 carried at fair		29,699			33,097			39,913			(10	)		(26	)
value at September 30, 2007)
Loans held for sale		1,011			721			617			40			64
Loans		362,922			319,116			307,491			14			18
Allowance for loan losses		(3,829	)		(3,764	)		(3,799	)		2			1
Net loans		359,093			315,352			303,692			14			18
Mortgage servicing rights:
Measured at fair value (residential MSRs)		18,223			17,591			17,712			4			3
Amortized		460			377			328			22			40
Premises and equipment, net		5,002			4,698			4,645			6			8
Goodwill		12,018			11,275			11,192			7			7
Other assets		41,737			29,543			30,737			41			36
Total assets	$	548,727		$	481,996		$	483,441			14			14
LIABILITIES
Noninterest-bearing deposits	$	82,365		$	89,119		$	86,849			(8	)		(5	)
Interest-bearing deposits		252,591			221,124			227,470			14			11
Total deposits		334,956			310,243			314,319			8			7
Short-term borrowings		41,729			12,829			13,800			225			202
Accrued expenses and other liabilities		28,712			25,903			26,369			11			9
Long-term debt		95,592			87,145			84,091			10			14
Total liabilities		500,989			436,120			438,579			15			14
STOCKHOLDERS’ EQUITY
Preferred stock		545			384			465			42			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		8,089			7,739			7,667			5			6
Retained earnings		38,817			35,277			34,080			10			14
Cumulative other comprehensive income		291			302			633			(4	)		(54	)
Treasury stock – 147,535,970 shares, 95,612,189 shares and 100,057,636 shares		(5,209	)		(3,203	)		(3,273	)		63			59
Unearned ESOP shares		(583	)		(411	)		(498	)		42			17
Total stockholders’ equity		47,738			45,876			44,862			4			6
Total liabilities and stockholders’ equity	$	548,727		$	481,996		$	483,441			14			14

-17-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET

	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
ASSETS
Cash and due from banks	$	12,200		$	12,714		$	12,485		$	15,028		$	12,591
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,546			5,163			4,668			6,078			4,079
Trading assets		7,298			7,289			6,525			5,607			5,300
Securities available for sale		57,440			72,179			45,443			42,629			52,635
Mortgages held for sale		29,699			34,580			32,286			33,097			39,913
Loans held for sale		1,011			887			829			721			617
Loans		362,922			342,800			325,487			319,116			307,491
Allowance for loan losses		(3,829	)		(3,820	)		(3,772	)		(3,764	)		(3,799	)
Net loans		359,093			338,980			321,715			315,352			303,692
Mortgage servicing rights:
Measured at fair value (residential MSRs)		18,223			18,733			17,779			17,591			17,712
Amortized		460			418			400			377			328
Premises and equipment, net		5,002			4,973			4,864			4,698			4,645
Goodwill		12,018			11,983			11,275			11,275			11,192
Other assets		41,737			31,966			27,632			29,543			30,737
Total assets	$	548,727		$	539,865		$	485,901		$	481,996		$	483,441
LIABILITIES
Noninterest-bearing deposits	$	82,365		$	89,809		$	89,067		$	89,119		$	86,849
Interest-bearing deposits		252,591			234,934			222,090			221,124			227,470
Total deposits		334,956			324,743			311,157			310,243			314,319
Short-term borrowings		41,729			40,838			13,181			12,829			13,800
Accrued expenses and other liabilities		28,712			33,153			25,101			25,903			26,369
Long-term debt		95,592			93,830			90,327			87,145			84,091
Total liabilities		500,989			492,564			439,766			436,120			438,579
STOCKHOLDERS’ EQUITY
Preferred stock		545			637			740			384			465
Common stock		5,788			5,788			5,788			5,788			5,788
Additional paid-in capital		8,089			8,027			7,875			7,739			7,667
Retained earnings		38,817			37,665			36,439			35,277			34,080
Cumulative other comprehensive income (loss)		291			(236	)		289			302			633
Treasury stock		(5,209	)		(3,898	)		(4,204	)		(3,203	)		(3,273	)
Unearned ESOP shares		(583	)		(682	)		(792	)		(411	)		(498	)
Total stockholders’ equity		47,738			47,301			46,135			45,876			44,862
Total liabilities and stockholders’ equity	$	548,727		$	539,865		$	485,901		$	481,996		$	483,441

-18-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	4,219		$	4,849		$	5,867		$	7,751		$	4,247
Trading assets		4,043			4,572			4,305			3,950			3,880
Debt securities available for sale:
Securities of U.S. Treasury and federal agencies		871			839			753			786			912
Securities of U.S. states and political subdivisions		5,021			4,383			3,532			3,406			3,240
Mortgage-backed securities:
Federal agencies		52,681			35,406			30,640			31,718			47,009
Private collateralized mortgage obligations		4,026			3,816			3,993			5,130			7,696
Total mortgage-backed securities		56,707			39,222			34,633			36,848			54,705
Other debt securities (1)		5,822			5,090			5,778			6,406			6,865
Total debt securities available for sale (1)		68,421			49,534			44,696			47,446			65,722
Mortgages held for sale (2)		35,552			36,060			32,343			37,878			42,369
Loans held for sale		960			864			794			659			622
Loans:
Commercial and commercial real estate:
Commercial		79,713			73,932			71,063			68,402			66,216
Other real estate mortgage		32,641			31,736			30,590			29,882			29,851
Real estate construction		16,914			16,393			15,892			15,775			15,073
Lease financing		6,026			5,559			5,503			5,500			5,385
Total commercial and commercial real estate		135,294			127,620			123,048			119,559			116,525
Consumer:
Real estate 1-4 family first mortgage		63,929			58,283			54,444			50,836			50,138
Real estate 1-4 family junior lien mortgage		73,476			70,390			69,079			68,208			65,991
Credit card		16,261			14,950			14,557			13,737			12,810
Other revolving credit and installment		54,165			53,464			53,539			53,206			51,988
Total consumer		207,831			197,087			191,619			185,987			180,927
Foreign		7,558			7,263			6,762			6,620			6,528
Total loans (2)		350,683			331,970			321,429			312,166			303,980
Other		1,396			1,329			1,327			1,333			1,348
Total earning assets	$	465,274		$	429,178		$	410,761		$	411,183		$	422,168
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	5,160		$	5,193		$	4,615		$	4,477		$	4,370
Market rate and other savings		149,194			145,185			140,934			135,673			132,906
Savings certificates		41,080			39,729			38,514			36,382			33,909
Other time deposits		10,948			4,574			9,312			19,838			36,920
Deposits in foreign offices		41,326			32,841			27,647			24,425			22,303
Total interest-bearing deposits		247,708			227,522			221,022			220,795			230,408
Short-term borrowings		36,415			21,066			11,498			13,470			21,539
Long-term debt		94,686			90,931			89,027			85,809			84,112
Total interest-bearing liabilities		378,809			339,519			321,547			320,074			336,059
Portion of noninterest-bearing funding sources		86,465			89,659			89,214			91,109			86,109
Total funding sources	$	465,274		$	429,178		$	410,761		$	411,183		$	422,168
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,579		$	11,655		$	11,862		$	12,379		$	12,159
Goodwill		12,008			11,435			11,274			11,259			11,156
Other		52,672			50,418			48,208			47,764			49,196
Total noninterest-earning assets	$	76,259		$	73,508		$	71,344		$	71,402		$	72,511
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	88,991		$	91,256		$	88,769		$	91,259		$	89,245
Other liabilities		26,351			25,159			25,474			25,687			25,839
Stockholders’ equity		47,382			46,752			46,315			45,565			43,536
Noninterest-bearing funding sources used to fund earning assets		(86,465	)		(89,659	)		(89,214	)		(91,109	)		(86,109	)
Net noninterest-bearing funding sources	$	76,259		$	73,508		$	71,344		$	71,402		$	72,511
TOTAL ASSETS	$	541,533		$	502,686		$	482,105		$	482,585		$	494,679

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

-19-

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

	Nine months ended Sept. 30,
(in millions)	2007			2006
Balance, beginning of period	$	45,876		$	40,660
Cumulative effect from adoption of:
FAS 156 (1)		—			101
FSP 13-2 (2)		(71	)		—
Net income		6,806			6,301
Other comprehensive income (loss), net of tax, related to:
Translation adjustments		24			4
Investment securities and other interests held		(226	)		(6	)
Derivative instruments and hedging activities		174			(27	)
Defined benefit pension plans		17			(3	)
Common stock issued		1,531			1,419
Common stock issued for acquisitions		649			—
Common stock repurchased		(4,765	)		(1,566	)
Preferred stock released to ESOP		323			274
Common stock dividends		(2,919	)		(2,695	)
Other, net		319			400
Balance, end of period	$	47,738		$	44,862

(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.

-20-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER LOANS

	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Commercial and commercial real estate:
Commercial	$	82,598		$	77,560		$	72,268		$	70,404		$	66,797
Other real estate mortgage		33,227			32,336			31,542			30,112			29,914
Real estate construction		17,301			16,552			15,869			15,935			15,397
Lease financing		6,089			5,979			5,494			5,614			5,443
Total commercial and commercial real estate		139,215			132,427			125,173			122,065			117,551
Consumer:
Real estate 1-4 family first mortgage		66,877			61,177			55,982			53,228			49,765
Real estate 1-4 family junior lien mortgage		74,632			72,398			69,489			68,926			67,185
Credit card		17,129			15,567			14,594			14,697			13,343
Other revolving credit and installment		57,180			53,701			53,445			53,534			53,080
Total consumer		215,818			202,843			193,510			190,385			183,373
Foreign		7,889			7,530			6,804			6,666			6,567
Total loans (net of unearned income)	$	362,922		$	342,800		$	325,487		$	319,116		$	307,491

FIVE QUARTER NONACCRUAL LOANS AND OTHER ASSETS

	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Nonaccrual loans:
Commercial and commercial real estate:
Commercial	$	399		$	395		$	350		$	331		$	256
Other real estate mortgage		133			129			114			105			116
Real estate construction		188			81			82			78			90
Lease financing		38			29			31			29			27
Total commercial and commercial real estate		758			634			577			543			489
Consumer:
Real estate 1-4 family first mortgage (1)		886			663			701			688			595
Real estate 1-4 family junior lien mortgage		238			228			233			212			200
Other revolving credit and installment		160			155			195			180			167
Total consumer		1,284			1,046			1,129			1,080			962
Foreign		46			53			46			43			38
Total nonaccrual loans		2,088			1,733			1,752			1,666			1,489
As a percentage of total loans		0.58	%		0.51	%		0.54	%		0.52	%		0.48	%
Foreclosed assets:
GNMA loans (2)		487			423			381			322			266
Other		603			554			528			423			342
Real estate and other nonaccrual investments (3)		5			5			5			5			3
Total nonaccrual loans and other assets	$	3,183		$	2,715		$	2,666		$	2,416		$	2,100
As a percentage of total loans		0.88	%		0.79	%		0.82	%		0.76	%		0.68	%

(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. Both principal and interest for GNMA loans secured by the foreclosed real estate are fully collectible because the 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.

-21-

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

	Quarter ended									Nine months ended
	Sept. 30		,	June 30		,	Sept. 30		,	Sept. 30		,	Sept. 30		,
(in millions)	2007			2007			2006			2007			2006
Balance, beginning of period	$	4,007		$	3,965		$	4,035		$	3,964		$	4,057
Provision for credit losses		892			720			613			2,327			1,478
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(155	)		(127	)		(103	)		(408	)		(275	)
Other real estate mortgage		—			(1	)		(1	)		(2	)		(3	)
Real estate construction		(3	)		(2	)		(1	)		(5	)		(1	)
Lease financing		(8	)		(9	)		(6	)		(24	)		(22	)
Total commercial and commercial real estate		(166	)		(139	)		(111	)		(439	)		(301	)
Consumer:
Real estate 1-4 family first mortgage		(22	)		(25	)		(30	)		(71	)		(81	)
Real estate 1-4 family junior lien mortgage		(167	)		(107	)		(36	)		(357	)		(98	)
Credit card		(205	)		(191	)		(133	)		(579	)		(351	)
Other revolving credit and installment		(473	)		(434	)		(501	)		(1,381	)		(1,172	)
Total consumer		(867	)		(757	)		(700	)		(2,388	)		(1,702	)
Foreign		(69	)		(64	)		(74	)		(195	)		(222	)
Total loan charge-offs		(1,102	)		(960	)		(885	)		(3,022	)		(2,225	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		35			25			26			84			84
Other real estate mortgage		2			3			8			7			14
Real estate construction		1			—			—			2			2
Lease financing		3			4			4			12			16
Total commercial and commercial real estate		41			32			38			105			116
Consumer:
Real estate 1-4 family first mortgage		6			6			8			18			20
Real estate 1-4 family junior lien mortgage		14			16			9			39			27
Credit card		29			30			23			90			72
Other revolving credit and installment		105			139			124			393			401
Total consumer		154			191			164			540			520
Foreign		15			17			20			50			61
Total loan recoveries		210			240			222			695			697
Net loan charge-offs		(892	)		(720	)		(663	)		(2,327	)		(1,528	)
Allowances related to business combinations/other		11			42			(7	)		54			(29	)
Balance, end of period	$	4,018		$	4,007		$	3,978		$	4,018		$	3,978
Components:
Allowance for loan losses	$	3,829		$	3,820		$	3,799		$	3,829		$	3,799
Reserve for unfunded credit commitments		189			187			179			189			179
Allowance for credit losses	$	4,018		$	4,007		$	3,978		$	4,018		$	3,978
Net loan charge-offs (annualized) as a percentage of average total loans		1.01	%		0.87	%		0.86	%		0.93	%		0.67	%

-22-

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

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Balance, beginning of quarter	$	4,007		$	3,965		$	3,964		$	3,978		$	4,035
Provision for credit losses		892			720			715			726			613
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(155	)		(127	)		(126	)		(139	)		(103	)
Other real estate mortgage		—			(1	)		(1	)		(2	)		(1	)
Real estate construction		(3	)		(2	)		—			(1	)		(1	)
Lease financing		(8	)		(9	)		(7	)		(8	)		(6	)
Total commercial and commercial real estate		(166	)		(139	)		(134	)		(150	)		(111	)
Consumer:
Real estate 1-4 family first mortgage		(22	)		(25	)		(24	)		(22	)		(30	)
Real estate 1-4 family junior lien mortgage		(167	)		(107	)		(83	)		(56	)		(36	)
Credit card		(205	)		(191	)		(183	)		(154	)		(133	)
Other revolving credit and installment		(473	)		(434	)		(474	)		(513	)		(501	)
Total consumer		(867	)		(757	)		(764	)		(745	)		(700	)
Foreign		(69	)		(64	)		(62	)		(59	)		(74	)
Total loan charge-offs		(1,102	)		(960	)		(960	)		(954	)		(885	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		35			25			24			27			26
Other real estate mortgage		2			3			2			5			8
Real estate construction		1			—			1			1			—
Lease financing		3			4			5			5			4
Total commercial and commercial real estate		41			32			32			38			38
Consumer:
Real estate 1-4 family first mortgage		6			6			6			6			8
Real estate 1-4 family junior lien mortgage		14			16			9			9			9
Credit card		29			30			31			24			23
Other revolving credit and installment		105			139			149			136			124
Total consumer		154			191			195			175			164
Foreign		15			17			18			15			20
Total loan recoveries		210			240			245			228			222
Net loan charge-offs		(892	)		(720	)		(715	)		(726	)		(663	)
Allowances related to business combinations/other		11			42			1			(14	)		(7	)
Balance, end of quarter	$	4,018		$	4,007		$	3,965		$	3,964		$	3,978
Components:
Allowance for loan losses	$	3,829		$	3,820		$	3,772		$	3,764		$	3,799
Reserve for unfunded credit commitments		189			187			193			200			179
Allowance for credit losses	$	4,018		$	4,007		$	3,965		$	3,964		$	3,978
Net loan charge-offs (annualized) as a percentage of average total loans		1.01	%		0.87	%		0.90	%		0.92	%		0.86	%
Allowance for loan losses as a percentage of:
Total loans		1.06	%		1.11	%		1.16	%		1.18	%		1.24	%
Nonaccrual loans		183			220			215			226			255
Nonaccrual loans and other assets		120			141			141			156			181
Allowance for credit losses as a percentage of:
Total loans		1.11	%		1.17	%		1.22	%		1.24	%		1.29	%
Nonaccrual loans		192			231			226			238			267
Nonaccrual loans and other assets		126			148			149			164			189

-23-

Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME

	Quarter ended Sept. 30,					%			Nine months ended Sept. 30,					%
(in millions)	2007			2006		Change			2007		2006			Change
Service charges on deposit accounts	$	837		$	707		18	%	$	2,262	$	1,995			13	%
Trust and investment fees:
Trust, investment and IRA fees		573			508		13			1,720		1,508			14
Commissions and all other fees		204			156		31			627		494			27
Total trust and investment fees		777			664		17			2,347		2,002			17
Card fees		561			464		21			1,548		1,266			22
Other fees:
Cash network fees		51			48		6			146		140			4
Charges and fees on loans		246			244		1			737		735			—
All other fees		269			217		24			832		632			32
Total other fees		566			509		11			1,715		1,507			14
Mortgage banking:
Servicing income, net		797			188		324			968		579			67
Net gains (losses) on mortgage loan origination/sales activities		(61	)		179		—			1,069		811			32
All other		87			117		(26	)		265		244			9
Total mortgage banking		823			484		70			2,302		1,634			41
Operating leases		171			192		(11	)		550		593			(7	)
Insurance		329			313		5			1,160		1,041			11
Net gains (losses) from trading activities		(43	)		106		—			482		331			46
Net gains (losses) on debt securities available for sale		160			121		32			149		(70	)		—
Net gains from equity investments		173			159		9			512		482			6
All other		219			168		30			672		596			13
Total	$	4,573		$	3,887		18		$	13,699	$	11,377			20

NONINTEREST EXPENSE

	Quarter ended Sept. 30,				%			Nine months ended Sept. 30,				%
(in millions)	2007		2006		Change			2007		2006		Change
Salaries	$	1,933	$	1,769		9	%	$	5,707	$	5,195		10	%
Incentive compensation		802		710		13			2,444		2,092		17
Employee benefits		518		458		13			1,764		1,534		15
Equipment		295		294		—			924		913		1
Net occupancy		398		357		11			1,132		1,038		9
Operating leases		136		155		(12	)		437		473		(8	)
Outside professional services		222		240		(8	)		649		669		(3	)
Contract services		103		143		(28	)		334		414		(19	)
Travel and entertainment		113		132		(14	)		340		401		(15	)
Advertising and promotion		108		123		(12	)		312		354		(12	)
Outside data processing		123		111		11			355		324		10
Postage		88		75		17			260		235		11
Telecommunications		79		70		13			241		213		13
Insurance		81		43		88			357		218		64
Stationery and supplies		54		57		(5	)		159		163		(2	)
Operating losses		55		33		67			199		140		42
Security		42		43		(2	)		129		130		(1	)
Core deposit intangibles		28		28		—			81		85		(5	)
All other		323		240		35			930		740		26
Total	$	5,501	$	5,081		8		$	16,754	$	15,331		9

-24-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Service charges on deposit accounts	$	837		$	740		$	685		$	695		$	707
Trust and investment fees:
Trust, investment and IRA fees		573			610			537			525			508
Commissions and all other fees		204			229			194			210			156
Total trust and investment fees		777			839			731			735			664
Card fees		561			517			470			481			464
Other fees:
Cash network fees		51			50			45			44			48
Charges and fees on loans		246			253			238			241			244
All other fees		269			335			228			265			217
Total other fees		566			638			511			550			509
Mortgage banking:
Servicing income, net		797			(45	)		216			314			188
Net gains (losses) on mortgage loan origination/sales activities		(61	)		635			495			305			179
All other		87			99			79			58			117
Total mortgage banking		823			689			790			677			484
Operating leases		171			187			192			190			192
Insurance		329			432			399			299			313
Net gains (losses) from trading activities		(43	)		260			265			213			106
Net gains (losses) on debt securities available for sale		160			(42	)		31			51			121
Net gains from equity investments		173			242			97			256			159
All other		219			193			260			216			168
Total	$	4,573		$	4,695		$	4,431		$	4,363		$	3,887

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Salaries	$	1,933		$	1,907		$	1,867		$	1,812		$	1,769
Incentive compensation		802			900			742			793			710
Employee benefits		518			581			665			501			458
Equipment		295			292			337			339			294
Net occupancy		398			369			365			367			357
Operating leases		136			148			153			157			155
Outside professional services		222			235			192			273			240
Contract services		103			113			118			165			143
Travel and entertainment		113			118			109			141			132
Advertising and promotion		108			113			91			102			123
Outside data processing		123			121			111			113			111
Postage		88			85			87			77			75
Telecommunications		79			81			81			66			70
Insurance		81			148			128			39			43
Stationery and supplies		54			52			53			60			57
Operating losses		55			57			87			40			33
Security		42			44			43			49			43
Core deposit intangibles		28			27			26			27			28
All other		323			336			271			290			240
Total	$	5,501		$	5,727		$	5,526		$	5,411		$	5,081

-25-

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

	Quarter ended Sept. 30,
	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	$	4,219			5.01	%	$	53	$	4,247			5.00	%	$	53
Trading assets		4,043			3.69			37		3,880			5.19			51
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		871			4.27			10		912			4.42			10
Securities of U.S. states and political subdivisions		5,021			7.31			90		3,240			7.99			63
Mortgage-backed securities:
Federal agencies		52,681			6.03			794		47,009			6.09			716
Private collateralized mortgage obligations		4,026			6.22			62		7,696			6.78			129
Total mortgage-backed securities		56,707			6.05			856		54,705			6.19			845
Other debt securities (4)		5,822			7.67			114		6,865			6.80			116
Total debt securities available for sale (4)		68,421			6.26			1,070		65,722			6.31			1,034
Mortgages held for sale (5)		35,552			6.59			586		42,369			6.63			702
Loans held for sale		960			7.79			19		622			7.73			12
Loans:
Commercial and commercial real estate:
Commercial		79,713			8.24			1,655		66,216			8.36			1,395
Other real estate mortgage		32,641			7.42			610		29,851			7.47			562
Real estate construction		16,914			7.94			338		15,073			8.13			309
Lease financing		6,026			5.78			87		5,385			5.65			76
Total commercial and commercial real estate		135,294			7.90			2,690		116,525			7.98			2,342
Consumer:
Real estate 1-4 family first mortgage		63,929			7.26			1,162		50,138			7.54			951
Real estate 1-4 family junior lien mortgage		73,476			8.19			1,515		65,991			8.14			1,353
Credit card		16,261			13.68			557		12,810			13.45			431
Other revolving credit and installment		54,165			9.79			1,336		51,988			9.75			1,278
Total consumer		207,831			8.75			4,570		180,927			8.81			4,013
Foreign		7,558			11.62			221		6,528			12.42			204
Total loans (5)		350,683			8.48			7,481		303,980			8.57			6,559
Other		1,396			5.01			20		1,348			5.12			18
Total earning assets	$	465,274			7.92			9,266	$	422,168			7.95			8,429
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	5,160			3.20			42	$	4,370			3.24			36
Market rate and other savings		149,194			2.89			1,085		132,906			2.55			854
Savings certificates		41,080			4.38			454		33,909			4.03			344
Other time deposits		10,948			5.10			140		36,920			5.27			491
Deposits in foreign offices		41,326			4.77			497		22,303			4.84			272
Total interest-bearing deposits		247,708			3.55			2,218		230,408			3.44			1,997
Short-term borrowings		36,415			5.06			464		21,539			4.99			271
Long-term debt		94,686			5.33			1,267		84,112			5.13			1,084
Total interest-bearing liabilities		378,809			4.14			3,949		336,059			3.96			3,352
Portion of noninterest-bearing funding sources		86,465			—			—		86,109			—			—
Total funding sources	$	465,274			3.37			3,949	$	422,168			3.16			3,352
Net interest margin and net interest income on a taxable-equivalent basis (6)					4.55	%	$	5,317					4.79	%	$	5,077
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,579							$	12,159
Goodwill		12,008								11,156
Other		52,672								49,196
Total noninterest-earning assets	$	76,259							$	72,511
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	88,991							$	89,245
Other liabilities		26,351								25,839
Stockholders’ equity		47,382								43,536
Noninterest-bearing funding sources used to fund earning assets		(86,465	)							(86,109	)
Net noninterest-bearing funding sources	$	76,259							$	72,511
TOTAL ASSETS	$	541,533							$	494,679

(1)	Our average prime rate was 8.18% and 8.25% for the quarters ended September 30, 2007 and 2006, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 5.44% and 5.43% 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.

-26-

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

	Nine months ended Sept. 30,
	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	$	4,972			5.09	%	$	189	$	4,761			4.58	%	$	163
Trading assets		4,306			4.70			151		5,298			4.91			195
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		821			4.29			27		905			4.38			30
Securities of U.S. states and political subdivisions		4,318			7.36			232		3,120			8.11			183
Mortgage-backed securities:
Federal agencies		39,656			6.08			1,794		38,366			5.99			1,723
Private collateralized mortgage obligations		3,945			6.32			185		7,149			6.65			352
Total mortgage-backed securities		43,601			6.10			1,979		45,515			6.10			2,075
Other debt securities (4)		5,564			7.57			316		6,136			7.06			324
Total debt securities available for sale (4)		54,304			6.32			2,554		55,676			6.28			2,612
Mortgages held for sale (5)		34,664			6.52			1,694		44,533			6.34			2,119
Loans held for sale		873			7.78			51		619			7.33			34
Loans:
Commercial and commercial real estate:
Commercial		74,934			8.28			4,641		64,816			8.07			3,914
Other real estate mortgage		31,663			7.44			1,762		29,162			7.26			1,585
Real estate construction		16,404			7.97			978		14,485			7.89			854
Lease financing		5,698			5.82			249		5,416			5.74			233
Total commercial and commercial real estate		128,699			7.92			7,630		113,879			7.73			6,586
Consumer:
Real estate 1-4 family first mortgage		58,920			7.31			3,228		59,758			7.20			3,221
Real estate 1-4 family junior lien mortgage		70,998			8.19			4,348		62,923			7.91			3,723
Credit card		15,262			13.89			1,590		12,178			13.29			1,213
Other revolving credit and installment		53,725			9.77			3,926		50,152			9.57			3,592
Total consumer		198,905			8.79			13,092		185,011			8.49			11,749
Foreign		7,197			11.72			631		6,251			12.53			587
Total loans (5)		334,801			8.52			21,353		305,141			8.29			18,922
Other		1,351			5.11			54		1,366			4.90			50
Total earning assets	$	435,271			8.00			26,046	$	417,394			7.72			24,095
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	4,991			3.23			121	$	4,243			2.77			88
Market rate and other savings		145,135			2.83			3,070		133,767			2.31			2,307
Savings certificates		39,784			4.40			1,308		30,997			3.75			868
Other time deposits		8,284			5.06			313		36,324			4.94			1,343
Deposits in foreign offices		33,988			4.73			1,204		19,477			4.58			667
Total interest-bearing deposits		232,182			3.46			6,016		224,808			3.14			5,273
Short-term borrowings		23,084			5.01			865		24,168			4.59			830
Long-term debt		91,569			5.22			3,579		83,437			4.81			3,004
Total interest-bearing liabilities		346,835			4.03			10,460		332,413			3.66			9,107
Portion of noninterest-bearing funding sources		88,436			—			—		84,981			—			—
Total funding sources	$	435,271			3.21			10,460	$	417,394			2.92			9,107
Net interest margin and net interest income on a taxable-equivalent basis (6)					4.79	%	$	15,586					4.80	%	$	14,988
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,698							$	12,495
Goodwill		11,575								11,066
Other		50,448								46,227
Total noninterest-earning assets	$	73,721							$	69,788
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	89,673							$	88,395
Other liabilities		25,664								24,007
Stockholders’ equity		46,820								42,367
Noninterest-bearing funding sources used to fund earning assets		(88,436	)							(84,981	)
Net noninterest-bearing funding sources	$	73,721							$	69,788
TOTAL ASSETS	$	508,992							$	487,182

(1)	Our average prime rate was 8.23% and 7.86% for the nine months ended September 30, 2007 and 2006, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 5.39% and 5.14% for the same periods, 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.

-27-

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

(income/expense in millions,	Community				Wholesale					Wells Fargo				Consolidated
average balances in billions)	Banking				Banking					Financial				Company
Quarter ended September 30,		2007		2006		2007		2006			2007		2006		2007		2006
Net interest income	$	3,367	$	3,292	$	854	$	751		$	1,059	$	1,004	$	5,280	$	5,047
Provision for credit losses		446		236		19		—			427		377		892		613
Noninterest income		3,110		2,492		1,149		1,033			314		362		4,573		3,887
Noninterest expense		3,619		3,392		1,154		999			728		690		5,501		5,081
Income before income tax expense		2,412		2,156		830		785			218		299		3,460		3,240
Income tax expense		807		663		287		275			83		108		1,177		1,046
Net income	$	1,605	$	1,493	$	543	$	510		$	135	$	191	$	2,283	$	2,194
Average loans	$	197.4	$	172.5	$	87.5	$	72.3		$	65.8	$	59.2	$	350.7	$	304.0
Average assets (2)		348.2		326.7		115.8		97.5			71.7		64.7		541.5		494.7
Average core deposits		250.6		233.1		55.5		36.5			—		0.1		306.1		269.7
Nine months ended September 30,
Net interest income	$	9,890	$	9,869	$	2,449	$	2,137		$	3,147	$	2,895	$	15,486	$	14,901
Provision (reversal of provision) for credit losses		1,105		612		33		(9	)		1,189		875		2,327		1,478
Noninterest income		8,988		7,033		3,750		3,214			961		1,130		13,699		11,377
Noninterest expense		10,926		10,264		3,560		3,009			2,268		2,058		16,754		15,331
Income before income tax expense		6,847		6,026		2,606		2,351			651		1,092		10,104		9,469
Income tax expense		2,137		1,946		913		824			248		398		3,298		3,168
Net income	$	4,710	$	4,080	$	1,693	$	1,527		$	403	$	694	$	6,806	$	6,301
Average loans	$	188.2	$	178.8	$	82.4	$	70.1		$	64.2	$	56.2	$	334.8	$	305.1
Average assets (2)		325.1		322.9		108.1		96.9			70.0		61.6		509.0		487.2
Average core deposits		248.5		231.4		50.6		32.3			—		0.1		299.1		263.8

(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. To reflect a change in the allocation of income taxes for management reporting adopted in second quarter 2007, results for prior periods have been revised.

(2)

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

-28-

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

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(income/expense in millions, average balances in billions)	2007			2007			2007			2006			2006
COMMUNITY BANKING
Net interest income	$	3,367		$	3,299		$	3,224		$	3,248		$	3,292
Provision for credit losses		446			353			306			275			236
Noninterest income		3,110			3,031			2,847			2,882			2,492
Noninterest expense		3,619			3,667			3,640			3,558			3,392
Income before income tax expense		2,412			2,310			2,125			2,297			2,156
Income tax expense		807			757			573			765			663
Net income	$	1,605		$	1,553		$	1,552		$	1,532		$	1,493
Average loans	$	197.4		$	186.6		$	180.8		$	175.7		$	172.5
Average assets		348.2			320.0			307.0			311.9			326.7
Average core deposits		250.6			250.9			243.9			239.8			233.1
WHOLESALE BANKING
Net interest income	$	854		$	814		$	781		$	787		$	751
Provision for credit losses		19			1			13			25			—
Noninterest income		1,149			1,336			1,265			1,096			1,033
Noninterest expense		1,154			1,269			1,137			1,105			999
Income before income tax expense		830			880			896			753			785
Income tax expense		287			310			316			262			275
Net income	$	543		$	570		$	580		$	491		$	510
Average loans	$	87.5		$	81.4		$	77.9		$	75.0		$	72.3
Average assets		115.8			107.1			101.0			97.9			97.5
Average core deposits		55.5			49.6			46.7			44.0			36.5
WELLS FARGO FINANCIAL
Net interest income	$	1,059		$	1,083		$	1,005		$	1,015		$	1,004
Provision for credit losses		427			366			396			426			377
Noninterest income		314			328			319			385			362
Noninterest expense		728			791			749			748			690
Income before income tax expense		218			254			179			226			299
Income tax expense		83			98			67			68			108
Net income	$	135		$	156		$	112		$	158		$	191
Average loans	$	65.8		$	64.0		$	62.7		$	61.5		$	59.2
Average assets		71.7			69.8			68.3			67.0			64.7
Average core deposits		—			—			—			—			0.1
CONSOLIDATED COMPANY
Net interest income	$	5,280		$	5,196		$	5,010		$	5,050		$	5,047
Provision for credit losses		892			720			715			726			613
Noninterest income		4,573			4,695			4,431			4,363			3,887
Noninterest expense		5,501			5,727			5,526			5,411			5,081
Income before income tax expense		3,460			3,444			3,200			3,276			3,240
Income tax expense		1,177			1,165			956			1,095			1,046
Net income	$	2,283		$	2,279		$	2,244		$	2,181		$	2,194
Average loans	$	350.7		$	332.0		$	321.4		$	312.2		$	304.0
Average assets (2)		541.5			502.7			482.1			482.6			494.7
Average core deposits		306.1			300.5			290.6			283.8			269.7

(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. To reflect a change in the allocation of income taxes for management reporting adopted in second quarter 2007, results for prior periods have been revised.

(2)

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

-29-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Residential MSRs measured using the fair value method:
Fair value, beginning of quarter	$	18,733		$	17,779		$	17,591		$	17,712		$	15,650
Purchases		188			142			159			222			2,907
Servicing from securitizations or asset transfers		951			1,029			828			843			965
Sales		(292	)		(1,422	)		—			(469	)		—
Net additions (reductions)		847			(251	)		987			596			3,872
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)		(638	)		2,013			(11	)		66			(1,147	)
Other changes in fair value (2)		(719	)		(808	)		(788	)		(783	)		(663	)
Total changes in fair value		(1,357	)		1,205			(799	)		(717	)		(1,810	)
Fair value, end of quarter	$	18,223		$	18,733		$	17,779		$	17,591		$	17,712

(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
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Amortized MSRs:
Balance, beginning of quarter	$	418		$	400		$	377		$	328		$	175
Purchases		46			26			29			53			161
Servicing from securitizations or asset transfers		12			11			10			9			2
Amortization		(16	)		(19	)		(16	)		(13	)		(10	)
Balance, end of quarter (1)	$	460		$	418		$	400		$	377		$	328
Fair value of amortized MSRs:
Beginning of quarter	$	561		$	484		$	457		$	440		$	252
End of quarter		602			561			484			457			440

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

-30-

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

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in millions)	2007			2007			2007			2006			2006
Servicing income, net:
Servicing fees (1)	$	970		$	1,007		$	1,054		$	1,011		$	947
Changes in fair value of residential MSRs:
Due to changes in valuation model inputs orassumptions (2)		(638	)		2,013			(11	)		66			(1,147	)
Other changes in fair value (3)		(719	)		(808	)		(788	)		(783	)		(663	)
Total changes in fair value of residential MSRs		(1,357	)		1,205			(799	)		(717	)		(1,810	)
Amortization		(16	)		(19	)		(16	)		(13	)		(10	)
Net derivative gains (losses) from economichedges (4)		1,200			(2,238	)		(23	)		33			1,061
Total servicing income, net	$	797		$	(45	)	$	216		$	314		$	188
Market-related valuation changes to MSRs, net of hedgeresults (2) + (4)	$	562		$	(225	)	$	(34	)	$	99		$	(86	)

(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.

	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in billions)	2007			2007			2007			2006			2006
Managed servicing portfolio:
Loans serviced for others (1)	$	1,380		$	1,347		$	1,309		$	1,280		$	1,235
Owned loans serviced (2)		97			96			88			86			90
Total owned servicing		1,477			1,443			1,397			1,366			1,325
Sub-servicing		22			24			26			19			20
Total managed servicing portfolio	$	1,499		$	1,467		$	1,423		$	1,385		$	1,345
Ratio of MSRs to related loans serviced for others		1.35	%		1.42	%		1.39	%		1.41	%		1.46	%
Weighted-average note rate (owned servicing only)		5.98	%		5.95	%		5.93	%		5.92	%		5.86	%

(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.

-31-

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

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in billions)	2007			2007			2007			2006			2006
Application Data:
Wells Fargo Home Mortgage first mortgage quarterly applications	$	95		$	114		$	113		$	90		$	95
Refinances as a percentage of applications		40	%		40	%		46	%		50	%		41	%
Wells Fargo Home Mortgage first mortgage unclosed pipeline, at quarter end	$	45		$	56		$	57		$	48		$	55

	Quarter ended
	Sept. 30		,	June 30		,	Mar. 31		,	Dec. 31		,	Sept. 30		,
(in billions)	2007			2007			2007			2006			2006
Residential Real Estate Originations: (1)
Quarter:
Wells Fargo Home Mortgage first mortgage loans:
Retail	$	29		$	32		$	26		$	29		$	29
Correspondent/Wholesale		29			36			31			29			36
Home equity loans and lines		7			9			8			9			10
Wells Fargo Financial		3			3			3			3			2
Total	$	68		$	80		$	68		$	70		$	77
Year-to-date	$	216		$	148		$	68		$	294		$	224

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