Wells Fargo & Company (WFC) 8-K Double-digit Revenue, Loan Growth; Strong Deposit, Fee Income Growth

Exhibit 99

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

Wednesday, April 16, 2008
WELLS FARGO EARNS $2 BILLION, $0.60 EPS

DOUBLE-DIGIT REVENUE, LOAN GROWTH; STRONG DEPOSIT, FEE INCOME GROWTH

• Diluted earnings per share of $0.60

• Net income of $2.0 billion

• Record revenue of $10.6 billion, up 12 percent from prior year, up 14 percent (annualized) from prior quarter

• Provision for credit losses increased $500 million above net charge-offs

• Positive operating leverage (revenue up 12 percent from prior year, expenses down 1 percent)

• Average loans up 19 percent from prior year, up 10 percent (annualized) from prior quarter

• Average earning assets up 21 percent from prior year, up 16 percent (annualized) from prior quarter

• Average core deposits up 9 percent from prior year, up 3 percent (annualized) from prior quarter

• Net interest margin of 4.69 percent, up 7 basis points from prior quarter

Selected Financial Information	Quarter ended
	Mar. 31		,	Dec. 31		,	Mar. 31		,
	2008			2007			2007
Earnings
Diluted earnings per share		$      0.60			$      0.41			$      0.66
Net income (in billions)		2.00			1.36			2.24
Asset Quality
Net charge-offs as % of avg. total loans		1.60	%		1.28	%		0.90	%
Nonperforming loans as % of total loans		0.84			0.70			0.54
Allowance as a % of total loans		1.56			1.44			1.22
Other
Revenue (in billions)		$    10.56			$    10.21			$     9.44
Average loans (in billions)		383.9			374.4			321.4
Average core deposits (in billions)		317.3			314.8			290.6
Net interest margin		4.69	%		4.62	%		4.95	%

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SAN FRANCISCO — Wells Fargo & Company (NYSE:WFC) reported diluted earnings per common share of $0.60 for first quarter 2008 compared with $0.66 in first quarter 2007 and $0.41 in fourth quarter 2007. Net income was $2.00 billion compared with $2.24 billion in first quarter 2007 and $1.36 billion in fourth quarter 2007.

“Despite a weakening economy, the continued downturn in housing and expected higher charge-offs, this was a remarkably strong quarter of growth for our company — very impressive growth in loans at wider spreads, a 9 percent increase in core deposits, double-digit revenue growth once again exceeding expense growth, and increases in both our capital and liquidity levels,” said President and CEO John Stumpf. “Our talented team set new records in products per customer for both retail and wholesale because our time-tested business model is built on satisfying all our customers’ financial needs and helping them succeed financially. We may not have seen the last of the challenges for this cycle, but we’re very excited about our opportunities to continue to gain market share prudently in our core businesses at a time when many of our competitors are struggling. With our more than 80 businesses pulling the stagecoach, we believe we’re among the best positioned in our industry to prosper and grow through adversity and to build an even stronger franchise for our team members, customers and shareholders.”

Financial Performance
“Our first quarter results reflected a great combination of solid business growth, strong operating margins and further balance sheet strengthening,” said Chief Financial Officer Howard Atkins. “Despite a $2.0 billion pre-tax provision for credit losses — including an additional $500 million credit reserve build in the quarter — the Company earned $2.0 billion after-tax, or $0.60 per share. Our ability to earn through these higher net credit losses reflected the benefit of our diversified business model, as well as the attractive growth opportunities we are realizing in this challenging environment. Our pre-tax pre-provision profit (revenue less noninterest expense) of $5.1 billion — a quarterly record — grew 30 percent from a year ago, driven by double-digit revenue growth (up 12 percent year over year) and positive operating leverage. Even with higher credit costs, return on assets (1.40 percent) and return on equity (16.86 percent) remained strong. Our net interest margin improved 7 basis points to 4.69 percent, one of the highest among large U.S. bank holding companies. Credit reserves were bolstered this quarter with an additional $500 million reserve build, capital ratios increased from year-end 2007 notwithstanding a 16 percent (annualized) linked-quarter increase in earning assets and liquidity remained strong due largely to continued core deposit growth.”

Revenue
Revenue of $10.6 billion was another record, up $1.1 billion, or 12 percent, from a year ago. On a linked-quarter basis, revenue grew 14 percent (annualized). “Once again, many of our businesses achieved double-digit, year-over-year revenue growth, including commercial banking, asset-based lending, insurance, international, wealth management, regional banking, debit and credit cards, mortgage banking, business direct, SBA lending and business payroll services,” said Atkins. “We continued to have a good balance between loan and deposit spread revenue and fee-based revenue, reflecting record cross-sell in both our retail and wholesale businesses.”

Loans
Average loans of $383.9 billion increased $62.5 billion, or 19 percent, from a year ago. On a linked-quarter basis, average loans grew $9.5 billion, or 10 percent (annualized). Average commercial and commercial real estate loans increased $31.2 billion, or 25 percent, from first quarter 2007 and increased $6.4 billion, or 17 percent (annualized), from fourth quarter 2007, the 14^th consecutive

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quarter of double-digit, year-over-year growth. Average consumer loans increased $30.6 billion, or 16 percent, from first quarter 2007 and increased $3.5 billion, or 6 percent (annualized), on a linked-quarter basis.

“We continued to see growth in both our commercial and consumer lending segments,” said Atkins. “Recently we’ve seen more modest consumer loan growth, in part due to reduced demand as many consumers reduce their debt, as well as actions we’ve taken since early 2007 to reduce higher-risk products in our loan portfolio, including exiting or curtailing indirect loan origination channels, tightening loan-to-value requirements and strengthening loan account management across all portfolios.”

Deposits
Average core deposits of $317.3 billion increased $26.7 billion, or 9 percent, from a year ago and increased $2.5 billion, or 3 percent (annualized), on a linked-quarter basis. Average mortgage escrow deposits were $20.4 billion, down $205 million from first quarter 2007 and up $572 million on a linked-quarter basis. Excluding mortgage escrow balances, total average core deposits grew 10 percent from first quarter 2007 and 3 percent (annualized) on a linked-quarter basis. Average retail core deposits grew $11.5 billion, or 5 percent, from first quarter 2007 and increased $2.3 billion, or 4 percent (annualized), on a linked-quarter basis. Average new consumer checking accounts grew a net 4.9 percent from first quarter 2007.

Net Interest Income
Net interest income increased $750 million, or 15 percent, from first quarter 2007 and increased $272 million, or 20 percent (annualized), on a linked-quarter basis. Average earning assets grew 21 percent year over year and increased 16 percent (annualized) from fourth quarter 2007. “Even with the strong growth in average earning assets, our net interest margin widened to 4.69 percent, up 7 basis points on a linked-quarter basis,” said Atkins.

Noninterest Income
Noninterest income rose to $4.8 billion, up 8 percent from first quarter 2007 and up 7 percent (annualized) on a linked-quarter basis. “Fee income growth largely reflected continued success in satisfying the financial needs of our customers, with cross-sell reaching a record 5.6 products in retail and 6.2 in wholesale,” said Atkins. Fee income growth was particularly strong year over year in insurance (up 26 percent), debit and credit card fees (up 19 percent) and deposit service charges (up 9 percent), with solid growth in trust and investment fees (up 4 percent despite a 7 percent decline in the S&P500^® Index). Net gains from equity investments increased $216 million from a year ago, reflecting the $334 million gain in the quarter from the Company’s ownership in Visa, which completed its initial public offering (IPO) in March.

Interest rate and credit spread volatility was particularly pronounced in the first quarter. The more significant market-related effects included:

•	$(263) million	Write-down of the mortgage warehouse/pipeline, write-down of mortgage loans repurchased during the quarter, an increase in the repurchase reserve, and a decline in servicing value of loans held in the mortgage warehouse/pipeline.
•	$94 million	Increase in mortgage servicing income reflecting a $1.8 billion reduction in the value of mortgage servicing rights (MSRs) due to a decline in mortgage rates during the quarter, offset by a $1.9 billion gain on the financial instruments

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		hedging the MSRs. The ratio of MSRs to related loans serviced for others was 1.08 percent, the lowest capitalization ratio in 11 quarters and 12 basis points below fourth quarter 2007.
•	$323 million	Net gain on the sale of mortgage-backed securities by Wells Fargo Home Mortgage (Home Mortgage) as part of its mortgage risk hedging activities.
•	$(63) million	Net write-down on commercial mortgages held for sale.
•	$(21) million	Net equity losses (other than Visa IPO gain).
•	$(39) million	Liability recorded for capital support agreement for one structured investment vehicle held by the Company’s AAA-rated non-government money market mutual funds (included in noninterest expense).

Unrealized net losses on securities available for sale were $598 million at March 31, 2008, compared with unrealized net gains of $680 million at December 31, 2007. “The available for sale portfolio consists of agency mortgage-backed securities, which have appreciated in value since the end of the year, as well as other high-quality securities, mostly AAA-rated, purchased over the past few quarters at attractive long-term yields in a period when credit spreads have continued to widen,” said Atkins.

Noninterest Expense
Noninterest expense of $5.46 billion declined 1 percent, or $64 million, from first quarter 2007 and declined $438 million on a linked-quarter basis, and included a $151 million reversal of Visa litigation expense related to the Visa IPO. First quarter 2008 expenses also included higher sales-related insurance costs, as well as higher costs under the Federal Insurance Contribution Act (FICA), software licensing expense and stock option expense (fully phased in expenses of prior option grants under FAS 123(R)), more than offset by lower salaries, incentive compensation (reduced incentive compensation accruals) and outside professional services costs. “We continued to invest in growing our businesses, opening 11 banking stores and converting 18 Greater Bay Bancorp stores during the quarter,” said Atkins. First quarter 2008 included $11 million of integration expense. The efficiency ratio improved to 51.7 percent from 57.8 percent in fourth quarter 2007. The Visa IPO gain and litigation reversal improved the first quarter 2008 efficiency ratio by 316 basis points.

Credit Quality
“The credit environment remained challenging this quarter,” said Chief Credit Officer Mike Loughlin. First quarter 2008 net charge-offs were $1.5 billion (1.60 percent of average total loans, annualized) compared with $1.2 billion (1.28 percent) in fourth quarter 2007 and $715 million (0.90 percent) in first quarter 2007. Total provision expense in first quarter was $2.0 billion, including a $500 million credit reserve build, primarily for losses in the National Home Equity Group (Home Equity) and Business Direct (primarily unsecured lines of credit to small businesses) portfolios.

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	Quarter ended March 31, 2008					Quarter ended December 31, 2007
	Net loan		As a %			Net loan		As a %
	charge-offs		of average			charge-offs		of average
	(in millions)		loans			(in millions)		loans
Commercial and commercial real estate:
Commercial		$  228		1.01	%		$    186		0.85	%
Other real estate mortgage		3		0.03			3		0.02
Real estate construction		28		0.60			9		0.19
Lease financing		9		0.53			4		0.24
Total commercial and commercial real estate		268		0.70			202		0.54
Consumer:
Real estate 1-4 family first mortgage		75		0.41			34		0.19
Real estate 1-4 family junior lien		438		2.34			277		1.46
Credit card		275		5.89			223		5.01
Other revolving credit and installment		418		3.01			421		2.97
Total consumer		1,206		2.18			955		1.74
Foreign		54		2.94			55		2.81
Total loans		$1,528		1.60			$ 1,212		1.28

More than half of the increase in net credit losses ($161 million) was in the real estate 1-4 family junior lien category, primarily from Home Equity. “Residential real estate values continued to decline in the quarter and the number of markets adversely impacted continued to increase,” said Loughlin. As previously disclosed, the Company segregated approximately $12 billion of Home Equity loans into a liquidating portfolio. The liquidating portfolio produced $163 million in net charge-offs in first quarter 2008, for an annualized quarterly loss rate of 5.58 percent, 78 basis points higher than the December 2007 annualized loss rate. See page 29 for selected data on the Home Equity portfolios.

Other consumer portfolios performed as expected during the quarter. Charge-offs in the real estate 1-4 family first mortgage portfolio increased $41 million in the first quarter, including an increase of $19 million in the Home Mortgage portfolio and $14 million in the Wells Fargo Financial debt consolidation portfolio, but were still at relatively low levels. The increase in mortgage loss rates was consistent with the continued declines in home prices. Despite a $52 million increase in card charge-offs linked quarter, the credit card portfolio continued to perform as expected. Delinquency in the auto portfolio improved in the first quarter and losses were stable. “This portfolio has received significant management attention and the changes in underwriting and collections made in 2006 and 2007 have reduced losses,” said Loughlin.

Commercial and commercial real estate net charge-offs increased $66 million from fourth quarter 2007. The vast majority of commercial loans (other real estate mortgage, real estate construction and lease financing) continued to perform as expected and losses remained modest. However, losses have increased in the Business Direct portfolio, with net charge-offs up $40 million from fourth quarter 2007. These lines have tended to perform like credit cards. “Most of the increase occurred in certain metropolitan areas within California, Nevada and Florida, and appears to be concentrated in industries related to real estate or where the business owner may be experiencing difficulty with a home loan,” said Loughlin.

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Nonperforming Assets
Total nonperforming assets were $4.50 billion (1.16 percent of total loans) at March 31, 2008, and included $3.26 billion of nonperforming loans, $578 million of insured Government National Mortgage Association (GNMA) repurchases, and $658 million of foreclosed and repossessed real estate and autos. This compares with $3.87 billion (1.01 percent) at December 31, 2007, consisting of $2.68 billion of nonperforming loans, $535 million of GNMA repurchases and $654 million of foreclosed and repossessed assets. The majority of the increase in nonperforming assets was in portfolios affected by the residential real estate issues, including $214 million in Wells Fargo Financial real estate, $119 million in commercial lending, primarily in loans to home builders and developers, and $99 million in Home Equity. “As in the prior quarter, we continued to hold more foreclosed properties than we have historically,” said Loughlin.

Loans 90 days or more past due and still accruing totaled $6.92 billion, $6.39 billion and $4.81 billion at March 31, 2008, December 31, 2007, and March 31, 2007, respectively. For the same periods, the total included $5.29 billion, $4.83 billion and $3.68 billion, respectively, in advances under the Company’s servicing agreements for GNMA mortgage pools and similar loans whose repayments are insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs.

Loans 90 Days or More Past Due and Still Accruing
(Excluding Insured/Guaranteed GNMA and Similar Loans)

	Mar. 31,		Dec. 31,		Mar. 31,
(in millions)	2008		2007		2007
Commercial and commercial real estate:
Commercial	$	29	$	32	$	29
Other real estate mortgage		24		10		4
Real estate construction		15		24		5
Total commercial and commercial real estate		68		66		38
Consumer:
Real estate 1-4 family first mortgage		314		286		159
Real estate 1-4 family junior lien mortgage		228		201		64
Credit card		449		402		272
Other revolving credit and installment		532		552		560
Total consumer		1,523		1,441		1,055
Foreign		40		52		36
Total	$	1,631	$	1,559	$	1,129

Allowance for Credit Losses
The allowance for credit losses, including unfunded credit commitments, was $6.01 billion at March 31, 2008, up 9 percent from $5.52 billion at year-end 2007, and included an additional $500 million in credit reserves due to higher credit losses inherent in the loan portfolio. “The $6.01 billion allowance provides increased coverage consistent with the continued weakness in the residential real estate markets and emerging losses in our Business Direct portfolio,” said Loughlin. “We believe the allowance was adequate for losses inherent in the loan portfolio at March 31, 2008.”

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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)	2008		2007		Change
Community Banking	$	1,427	$	1,499		(5	)%
Wholesale Banking		475		633		(25	)
Wells Fargo Financial		97		112		(13	)

More financial information about the business segments is on page 25.

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)	2008		2007		Change
Total revenue	$	6,859	$	5,915		16	%
Provision for credit losses		1,313		306		329
Noninterest expense		3,336		3,570		(7	)
Net income		1,427		1,499		(5	)
(in billions)
Average loans		214.9		180.8		19
Average assets		356.7		306.8		16
Average core deposits		248.4		237.1		5

Community Banking reported net income of $1.4 billion in first quarter 2008, down $72 million from a year ago. Revenue increased $944 million driven by strong loan and deposit growth, and strong fee income growth in both retail and mortgage banking. Average loans of $214.9 billion grew 19 percent and average core deposits of $248.4 billion grew 5 percent. Noninterest income increased $458 million from first quarter 2007 driven by double-digit growth in cards and mortgage banking, and strong growth in deposit service charges. Although the business continued to make investments in technology, distribution and sales staff, noninterest expense decreased $234 million, or 7 percent. The provision for credit losses increased $1 billion, including a $385 million credit reserve build. During the quarter, the effect from the Visa IPO consisted of the $334 million gain and $151 million litigation reversal.

Regional Banking
•	Record core product solutions (sales) of 5.82 million, up 17 percent from prior year
•	Core sales per platform banker FTE (active, full-time equivalent) a record 5.64 per day, up from 5.08 in prior year
•	Record retail bank household cross-sell of 5.6 products per household
•	Sales ofWells Fargo Packages® (a checking account and at least three other products) up 32 percent from prior year, purchased by 72 percent of new checking account customers
•	Consumer checking accounts up a net 4.9 percent from prior year
•	Customer loyalty scores up 4 percent and welcoming and wait time scores up 9 percent from prior year (based on 50,000 store-based surveys per month of customers conducting transactions with tellers)
•	Added 1,137 platform banker FTEs from prior year through hiring and acquisitions

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• Opened 11 banking stores and converted 18 retail stores from Greater Bay Bancorp, bringing total retail banking stores to 3,321

• Added 16webATM^® machines, both new and from acquisition, and converted 136 toEnvelope-Free^SM webATMmachines

• Business Banking

o Store-based business solutions up 9 percent from prior year

o Loans to small businesses (loans primarily less than $100,000 on our Business Direct platform) up 14 percent from prior year

o Business checking accounts up a net 2.8 percent from prior year

o Business Banking household cross-sell at 3.6, up from 3.4 in prior year

o Sales ofWells Fargo Business Services Packages(business checking account and at least three other business products) up 24 percent from prior year, purchased by 47 percent of new business checking account customers

“Our talented, innovative and hardworking team continued to focus on our vision of helping to satisfy all our customers’ financial needs, providing a record 5.82 million core product solutions in the first quarter, up 17 percent from the prior year,” said Carrie Tolstedt, senior EVP, Community Banking. “For the first time ever, we provided over two million solutions to customers in a single month and had record retail bank household cross-sell of 5.6. These results were primarily driven by strong growth in core sales per platform banker FTE of 11 percent, while growing our platform banker FTE by 7 percent from the prior year. In March, we also successfully converted our stores from Greater Bay Bancorp to our network.”

Home Mortgage
•	Mortgage applications of $132 billion, up 17 percent from prior year
•	Mortgage application pipeline of $61 billion, up 42 percent from prior quarter
•	Home Mortgage originations of $61 billion, up 7 percent from prior year
•	Record owned mortgage servicing portfolio of $1.53 trillion, up 10 percent from prior year, up 2 percent (annualized) from prior quarter

“Our team managed very well through a very challenging and volatile quarter, producing solid results while gaining market share,” said Mark Oman, senior EVP, Home and Consumer Finance Group. “The effect of the continued lack of liquidity in the private mortgage-backed securities markets, and strong consumer preference for fixed-rate loans, has resulted in a significant marketplace shift toward FHA, Fannie Mae and Freddie Mac guaranteed mortgages — a traditional strength of Wells Fargo Home Mortgage.

“Even with our 2007 actions to exit or reduce volumes in certain channels and products, we had a strong production quarter, with applications up 17 percent from the prior year, and up 45 percent linked quarter. Home Mortgage originations were up 22 percent linked quarter, and up 7 percent from the prior year, reflecting a 13 percent decline in correspondent and wholesale originations and a 31 percent increase in higher-margin retail originations. We ended the quarter with an application pipeline of $61 billion, up 42 percent from year-end 2007.

“In addition, our mortgage team continued to reduce costs, strengthen our mortgage sales force by selectively hiring highly successful sales representatives from competitors, growing our servicing portfolio and working hard to keep customers in their homes.”

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Wealth Management Group
•	$7 billion in assets under management in newly introduced Family Wealth Group
•	Revenue up 12 percent and net income up 21 percent from prior year
•	WellsTrade®revenue up 48 percent from prior year
•	Brokerage assets under administration reached $100 billion

Online Banking
•	10.2 million active online consumers, up 13 percent from prior year, serving 66 percent of consumer checking accounts
•	5.1 million online money movement customers, up 17 percent from prior year
•	1.0 million active online small business customers, up 18 percent from prior year

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, corporate trust, capital markets activities and asset management.

Selected Financial Information
	First Quarter				%
(in millions)	2008		2007		Change
Total revenue	$	2,282	$	2,202		4	%
Provision for credit losses		161		13		—
Noninterest expense		1,415		1,207		17
Net income		475		633		(25	)
(in billions)
Average loans		100.6		77.9		29
Average assets		138.5		101.2		37
Average core deposits		68.9		53.5		29

• Record cross-sell of 6.2 products

• Average loans up 29 percent from prior year

• Wells Fargo Advantage Funds^® now 2^nd largest fund manager among banks

“Despite the unsettled financial markets, our focus continues to be on relationships,” said Dave Hoyt, senior EVP, Wholesale Banking Group. “Our wholesale banking team provides products and services to help our customers manage their businesses more effectively, manage their risks and grow their businesses.

“Our core performance this quarter was strong, with good underlying fundamental business growth. In times like these, we continue to see opportunities across virtually all of our businesses. We find opportunities to do more with existing customers and to build new relationships. We reached a record 6.2 products per wholesale customer relationship and 7.7 products per middle-market commercial banking relationship. Almost one of every three of our commercial banking offices has more than 8 products per customer relationship.

“More of our customers are doing business abroad, and our continued investment in technology and global treasury management services helps our customers expand internationally. International Treasury Management revenue increased 17 percent over the same period last year. Our foreign exchange trading desks — one of North America’s biggest networks — help our customers maintain cross-border relationships during rapid currency fluctuations. Foreign exchange revenue increased 36 percent over the same period last year.”

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Wholesale Banking reported net income of $475 million in first quarter 2008, down $158 million from a year ago. Revenue increased $80 million, driven by strong loan and deposit growth and moderate fee income growth. Average loans grew to $100.6 billion, up 29 percent from a year ago, with double-digit increases across nearly all wholesale lending businesses. Average core deposits were $68.9 billion, up 29 percent from a year ago, all in interest-bearing balances. Noninterest income decreased $97 million from first quarter 2007. Higher trust and investment fees (reflecting a 20 percent increase in assets under management), deposit service charges, foreign exchange, institutional brokerage, financial products and insurance revenue were offset by a lower level of commercial real estate brokerage and capital markets activity. Noninterest expense increased $208 million from a year ago, mainly due to higher personnel-related costs, including additional team members, as well as insurance commissions and expenses related to higher financial product sales and the liability recorded for a capital support agreement for a structured investment vehicle. Provision for credit losses increased $148 million from first quarter 2007, including $61 million from higher net charge-offs and $87 million of additional provision taken to build reserves for the wholesale loan portfolio.

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)	2008		2007		Change
Total revenue	$	1,422	$	1,324		7	%
Provision for credit losses		554		396		40
Noninterest expense		711		749		(5	)
Net income		97		112		(13	)
(in billions)
Average loans		68.4		62.7		9
Average assets		74.0		68.3		8

• Average loans of $68.4 billion, up 9 percent from first quarter 2007

• Real estate-secured receivables up 19 percent to $28.1 billion

• Auto finance receivables/operating leases down 7 percent to $28.6 billion

“In a challenging economic environment, our net income was lower than the first quarter last year but increased 24 percent on a linked-quarter basis,” said Tom Shippee, president and CEO of Wells Fargo Financial. “Year-over-year loan and revenue growth coupled with decreasing expenses — as we continue to aggressively manage costs — was a positive combination. Right-sizing our business and proactively managing expenses has helped offset the effects of the general economic decline. Credit losses and delinquencies increased in most of our portfolios, but overall performance was solid despite broad stress in the consumer finance industry.

“We have worked diligently to help keep customers in their homes whenever possible if they have financial trouble. We continued to adjust our underwriting standards to effectively manage risk in this environment. Real estate loans were up 3 percent linked quarter, due in part to slower loan prepayments. Based on the current interest rate environment, starting in the second quarter most of our adjustable-rate mortgages resetting throughout the rest of 2008 should be at or below their current rate, thereby reducing customers’ monthly payments. This is another positive result of our sound underwriting policies.

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“Lower volume levels in our auto lending business resulted in a 4 percent decline in the portfolio’s average loans over the previous quarter. Delinquencies classified as 31-days plus on a six-month lag basis improved 15 percent from first quarter 2007, benefiting from our commitment to an improved collections process. However, real estate delinquencies continued to increase, consistent with the general condition of the housing market. Real estate losses in the U.S. debt consolidation portfolio increased to $34 million (0.56 percent annualized loss rate) from $18 million (0.31 percent) in the prior quarter. Stress in the real estate portfolio affected our credit card customers as well, with loss rates on that portfolio up 16 percent on a linked-quarter basis.”

First quarter revenue was up 7 percent from a year ago to $1.4 billion driven by 9 percent growth in average loans. Provision for credit losses increased $158 million, including $130 million from higher net charge-offs and $28 million of additional loan provision. Noninterest expense declined 5 percent from first quarter 2007.

Recorded Message
A recorded message reviewing Wells Fargo’s results is available at 5:30 a.m. Pacific Time through April 19, 2008. Dial 877-660-6853 (domestic) or 201-612-7415 (international). Enter account number 286 and conference ID 280323. The call is also available on the internet atwww.wellsfargo.com/ir andhttp://www.investorcalendar.com/IC/CEPage.asp?ID=127666.

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 the statement that we believe we’re among the best positioned in our industry to prosper and grow through adversity and to build an even stronger franchise, the statement that, based on the current interest rate environment, starting in second quarter 2008, most of our adjustable-rate mortgages resetting in 2008 should be at or below their current rate, and various statements of our beliefs and expectations for future credit quality and losses. 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, declining home or auto values, economic recession 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, 2007, including information incorporated into the 10-K from our 2007 Annual Report to Stockholders, filed with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.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 $595 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 elsewhere 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 possible 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

													% Change
		Quarter ended											Mar. 31, 2008 from
	Mar. 31,			Dec. 31		,		Mar. 31		,		Dec. 31		,	Mar. 31		,
($ in millions, except per share amounts)	2008			2007				2007				2007			2007
For the Quarter
Net income	$	1,999		$	1,361			$	2,244				47	%		(11	)	%
Diluted earnings per common share		0.60			0.41				0.66				46			(9	)
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.40	%		0.97		%		1.89		%		44			(26	)
Net income to average stockholders’ equity (ROE)		16.86			11.25				19.68				50			(14	)
Efficiency ratio (1)		51.7			57.8				58.5				(11	)		(12	)
Total revenue	$	10,563		$	10,205			$	9,441				4			12
Dividends declared per common share		0.31			0.31				0.28				—			11
Average common shares outstanding		3,302.4			3,327.6				3,376.0				(1	)		(2	)
Diluted average common shares outstanding		3,317.9			3,352.2				3,416.1				(1	)		(3	)
Average loans	$	383,919		$	374,372			$	321,429				3			19
Average assets		574,994			555,647				482,105				3			19
Average core deposits (2)		317,278			314,808				290,586				1			9
Average retail core deposits (3)		228,448			226,180				216,944				1			5
Net interest margin		4.69	%		4.62		%		4.95		%		2			(5	)
At Quarter End
Securities available for sale	$	81,787		$	72,951			$	45,443				12			80
Loans		386,333			382,195				325,487				1			19
Allowance for loan losses		5,803			5,307				3,772				9			54
Goodwill		13,148			13,106				11,275				—			17
Assets		595,221			575,442				485,901				3			22
Core deposits (2)		327,360			311,731				296,469				5			10
Stockholders’ equity		48,159			47,628				46,073				1			5
Capital ratios:
Stockholders’ equity to assets		8.09	%		8.28		%		9.48		%		(2	)		(15	)
Risk-based capital (4)
Tier 1 capital		7.87			7.59				8.68				4			(9	)
Total capital		10.95			10.68				12.09				3			(9	)
Tier 1 leverage (4)		7.04			6.83				7.81				3			(10	)
Book value per common share	$	14.58		$	14.45			$	13.75				1			6
Team members (active, full-time equivalent)		160,900			159,800				159,600				1			1
Common Stock Price
High	$	34.56		$	37.78			$	36.64				(9	)		(6	)
Low		24.38			29.29				33.01				(17	)		(26	)
Period end		29.10			30.19				34.43				(4	)		(15	)

(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).
(3)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits. To reflect the realignment of our corporate trust business into Wholesale Banking in first quarter 2008, retail core deposits for prior periods have been revised.
(4)	The March 31, 2008, ratios are preliminary.

-13-

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)	2008			2007				2007				2007				2007
For the Quarter
Net income	$	1,999		$	1,361			$	2,173			$	2,279			$	2,244
Diluted earnings per common share		0.60			0.41				0.64				0.67				0.66
Profitability ratios (annualized):
Net income to average total assets (ROA)		1.40	%		0.97		%		1.59		%		1.82		%		1.89		%
Net income to average stockholders’ equity (ROE)		16.86			11.25				18.22				19.57				19.68
Efficiency ratio (1)		51.7			57.8				57.5				57.9				58.5
Total revenue	$	10,563		$	10,205			$	9,853			$	9,891			$	9,441
Dividends declared per common share		0.31			0.31				0.31				0.28				0.28
Average common shares outstanding		3,302.4			3,327.6				3,339.6				3,351.2				3,376.0
Diluted average common shares outstanding		3,317.9			3,352.2				3,374.0				3,389.3				3,416.1
Average loans	$	383,919		$	374,372			$	350,683			$	331,970			$	321,429
Average assets		574,994			555,647				541,533				502,686				482,105
Average core deposits (2)		317,278			314,808				306,135				300,535				290,586
Average retail core deposits (3)		228,448			226,180				220,984				220,094				216,944
Net interest margin		4.69	%		4.62		%		4.55		%		4.89		%		4.95		%
At Quarter End
Securities available for sale	$	81,787		$	72,951			$	57,440			$	72,179			$	45,443
Loans		386,333			382,195				362,922				342,800				325,487
Allowance for loan losses		5,803			5,307				3,829				3,820				3,772
Goodwill		13,148			13,106				12,018				11,983				11,275
Assets		595,221			575,442				548,727				539,865				485,901
Core deposits (2)		327,360			311,731				303,853				300,602				296,469
Stockholders’ equity		48,159			47,628				47,566				47,239				46,073
Capital ratios:
Stockholders’ equity to assets		8.09	%		8.28		%		8.67		%		8.75		%		9.48		%
Risk-based capital (4)
Tier 1 capital		7.87			7.59				8.17				8.55				8.68
Total capital		10.95			10.68				11.07				11.71				12.09
Tier 1 leverage (4)		7.04			6.83				7.26				7.89				7.81
Book value per common share	$	14.58		$	14.45			$	14.30			$	14.05			$	13.75
Team members (active, full-time equivalent)		160,900			159,800				158,800				158,700				159,600
Common Stock Price
High	$	34.56		$	37.78			$	37.99			$	36.49			$	36.64
Low		24.38			29.29				32.66				33.93				33.01
Period end		29.10			30.19				35.62				35.17				34.43

(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).
(3)	Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits. To reflect the realignment of our corporate trust business into Wholesale Banking in first quarter 2008, retail core deposits for prior periods have been revised.
(4)	The March 31, 2008, ratios are preliminary.

-14-

Wells Fargo & Company and Subsidiaries
CONSOLIDATED STATEMENT OF INCOME

	Quarter ended March 31,				%
(in millions, except per share amounts)	2008		2007		Change
INTEREST INCOME
Trading assets	$	47	$	53		(11	)	%
Securities available for sale		1,132		686		65
Mortgages held for sale		394		530		(26	)
Loans held for sale		12		15		(20	)
Loans		7,212		6,764		7
Other interest income		52		91		(43	)
Total interest income		8,849		8,139		9
INTEREST EXPENSE
Deposits		1,594		1,857		(14	)
Short-term borrowings		425		136		213
Long-term debt		1,070		1,136		(6	)
Total interest expense		3,089		3,129		(1	)
NET INTEREST INCOME		5,760		5,010		15
Provision for credit losses		2,028		715		184
Net interest income after provision for credit losses		3,732		4,295		(13	)
NONINTEREST INCOME
Service charges on deposit accounts		748		685		9
Trust and investment fees		763		731		4
Card fees		558		470		19
Other fees		499		511		(2	)
Mortgage banking		631		790		(20	)
Operating leases		143		192		(26	)
Insurance		504		399		26
Net gains on debt securities available for sale		323		31		942
Net gains from equity investments		313		97		223
Other		321		525		(39	)
Total noninterest income		4,803		4,431		8
NONINTEREST EXPENSE
Salaries		1,984		1,867		6
Incentive compensation		644		742		(13	)
Employee benefits		587		665		(12	)
Equipment		348		337		3
Net occupancy		399		365		9
Operating leases		116		153		(24	)
Other		1,384		1,397		(1	)
Total noninterest expense		5,462		5,526		(1	)
INCOME BEFORE INCOME TAX EXPENSE		3,073		3,200		(4	)
Income tax expense		1,074		956		12
NET INCOME	$	1,999	$	2,244		(11	)
EARNINGS PER COMMON SHARE	$	0.61	$	0.66		(8	)
DILUTED EARNINGS PER COMMON SHARE	$	0.60	$	0.66		(9	)
DIVIDENDS DECLARED PER COMMON SHARE	$	0.31	$	0.28		11
Average common shares outstanding		3,302.4		3,376.0		(2	)
Diluted average common shares outstanding		3,317.9		3,416.1		(3	)

-15-

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)	2008			2007			2007			2007			2007
INTEREST INCOME
Trading assets	$	47		$	36		$	37		$	47		$	53
Securities available for sale		1,132			981			1,032			752			686
Mortgages held for sale		394			456			586			578			530
Loans held for sale		12			19			19			17			15
Loans		7,212			7,699			7,477			7,100			6,764
Other interest income		52			51			72			79			91
Total interest income		8,849			9,242			9,223			8,573			8,139
INTEREST EXPENSE
Deposits		1,594			2,136			2,218			1,941			1,857
Short-term borrowings		425			380			464			265			136
Long-term debt		1,070			1,238			1,261			1,171			1,136
Total interest expense		3,089			3,754			3,943			3,377			3,129
NET INTEREST INCOME		5,760			5,488			5,280			5,196			5,010
Provision for credit losses		2,028			2,612			892			720			715
Net interest income after provision for credit losses		3,732			2,876			4,388			4,476			4,295
NONINTEREST INCOME
Service charges on deposit accounts		748			788			837			740			685
Trust and investment fees		763			802			777			839			731
Card fees		558			588			561			517			470
Other fees		499			577			566			638			511
Mortgage banking		631			831			823			689			790
Operating leases		143			153			171			187			192
Insurance		504			370			329			432			399
Net gains (losses) on debt securities available for sale		323			60			160			(42	)		31
Net gains from equity investments		313			222			173			242			97
Other		321			326			176			453			525
Total noninterest income		4,803			4,717			4,573			4,695			4,431
NONINTEREST EXPENSE
Salaries		1,984			2,055			1,933			1,907			1,867
Incentive compensation		644			840			802			900			742
Employee benefits		587			558			518			581			665
Equipment		348			370			295			292			337
Net occupancy		399			413			398			369			365
Operating leases		116			124			136			148			153
Other		1,384			1,540			1,589			1,530			1,397
Total noninterest expense		5,462			5,900			5,671			5,727			5,526
INCOME BEFORE INCOME TAX EXPENSE		3,073			1,693			3,290			3,444			3,200
Income tax expense		1,074			332			1,117			1,165			956
NET INCOME	$	1,999		$	1,361		$	2,173		$	2,279		$	2,244
EARNINGS PER COMMON SHARE	$	0.61		$	0.41		$	0.65		$	0.68		$	0.66
DILUTED EARNINGS PER COMMON SHARE	$	0.60		$	0.41		$	0.64		$	0.67		$	0.66
DIVIDENDS DECLARED PER COMMON SHARE	$	0.31		$	0.31		$	0.31		$	0.28		$	0.28
Average common shares outstanding		3,302.4			3,327.6			3,339.6			3,351.2			3,376.0
Diluted average common shares outstanding		3,317.9			3,352.2			3,374.0			3,389.3			3,416.1

-16-

Wells Fargo & Company and Subsidiaries
CONSOLIDATED BALANCE SHEET

	% Change
										Mar. 31, 2008 from
	Mar. 31		,	Dec. 31		,	Mar. 31		,	Dec. 31		,		Mar. 31		,
(in millions, except shares)	2008			2007			2007			2007				2007
ASSETS
Cash and due from banks	$	13,146		$	14,757		$	12,485			(11	)	%		5		%
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,171			2,754			4,668			51				(11	)
Trading assets		8,893			7,727			6,525			15				36
Securities available for sale		81,787			72,951			45,443			12				80
Mortgages held for sale (includes   $27,927,   $24,998 and   $25,692 carried at fair value)		29,708			26,815			32,286			11				(8	)
Loans held for sale		813			948			829			(14	)			(2	)
Loans		386,333			382,195			325,487			1				19
Allowance for loan losses		(5,803	)		(5,307	)		(3,772	)		9				54
									��
Net loans		380,530			376,888			321,715			1				18
Mortgage servicing rights:
Measured at fair value (residential MSRs)		14,956			16,763			17,779			(11	)			(16	)
Amortized		455			466			400			(2	)			14
Premises and equipment, net		5,056			5,122			4,864			(1	)			4
Goodwill		13,148			13,106			11,275			—				17
Other assets		42,558			37,145			27,632			15				54
Total assets	$	595,221		$	575,442		$	485,901			3				22
LIABILITIES
Noninterest-bearing deposits	$	90,793		$	84,348		$	89,067			8				2
Interest-bearing deposits		267,351			260,112			222,090			3				20
Total deposits		358,144			344,460			311,157			4				15
Short-term borrowings		53,983			53,255			13,181			1				310
Accrued expenses and other liabilities		31,760			30,706			25,163			3				26
Long-term debt		103,175			99,393			90,327			4				14
Total liabilities		547,062			527,814			439,828			4				24
STOCKHOLDERS’ EQUITY
Preferred stock		837			450			740			86				13
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		8,259			8,212			7,875			1				5
Retained earnings		39,896			38,970			36,377			2				10
Cumulative other comprehensive income		120			725			289			(83	)			(58	)
Treasury stock — 170,411,704 shares, 175,659,842 shares and 122,242,186 shares		(5,850	)		(6,035	)		(4,204	)		(3	)			39
Unearned ESOP shares		(891	)		(482	)		(792	)		85				13
Total stockholders’ equity		48,159			47,628			46,073			1				5
Total liabilities and stockholders’ equity	$	595,221		$	575,442		$	485,901			3				22

-17-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED BALANCE SHEET

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2008			2007			2007			2007			2007
ASSETS
Cash and due from banks	$	13,146		$	14,757		$	12,200		$	12,714		$	12,485
Federal funds sold, securities purchased under resale agreements and other short-term investments		4,171			2,754			4,546			5,163			4,668
Trading assets		8,893			7,727			7,298			7,289			6,525
Securities available for sale		81,787			72,951			57,440			72,179			45,443
Mortgages held for sale		29,708			26,815			29,699			34,580			32,286
Loans held for sale		813			948			1,011			887			829
Loans		386,333			382,195			362,922			342,800			325,487
Allowance for loan losses		(5,803	)		(5,307	)		(3,829	)		(3,820	)		(3,772	)
Net loans		380,530			376,888			359,093			338,980			321,715
Mortgage servicing rights:
Measured at fair value (residential MSRs)		14,956			16,763			18,223			18,733			17,779
Amortized		455			466			460			418			400
Premises and equipment, net		5,056			5,122			5,002			4,973			4,864
Goodwill		13,148			13,106			12,018			11,983			11,275
Other assets		42,558			37,145			41,737			31,966			27,632
Total assets	$	595,221		$	575,442		$	548,727		$	539,865		$	485,901
LIABILITIES
Noninterest-bearing deposits	$	90,793		$	84,348		$	82,365		$	89,809		$	89,067
Interest-bearing deposits		267,351			260,112			252,591			234,934			222,090
Total deposits		358,144			344,460			334,956			324,743			311,157
Short-term borrowings		53,983			53,255			41,729			40,838			13,181
Accrued expenses and other liabilities		31,760			30,706			28,884			33,215			25,163
Long-term debt		103,175			99,393			95,592			93,830			90,327
Total liabilities		547,062			527,814			501,161			492,626			439,828
STOCKHOLDERS’ EQUITY
Preferred stock		837			450			545			637			740
Common stock		5,788			5,788			5,788			5,788			5,788
Additional paid-in capital		8,259			8,212			8,089			8,027			7,875
Retained earnings		39,896			38,970			38,645			37,603			36,377
Cumulative other comprehensive income (loss)		120			725			291			(236	)		289
Treasury stock		(5,850	)		(6,035	)		(5,209	)		(3,898	)		(4,204	)
Unearned ESOP shares		(891	)		(482	)		(583	)		(682	)		(792	)
Total stockholders’ equity		48,159			47,628			47,566			47,239			46,073
Total liabilities and stockholders’ equity	$	595,221		$	575,442		$	548,727		$	539,865		$	485,901

-18-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER AVERAGE BALANCES

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2008			2007			2007			2007			2007
EARNING ASSETS
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	3,888		$	2,972		$	4,219		$	4,849		$	5,867
Trading assets		5,129			4,248			4,043			4,572			4,305
Debt securities available for sale:
Securities of U.S. Treasury and federal agencies		975			926			871			839			753
Securities of U.S. states and political subdivisions		6,290			5,995			5,021			4,383			3,532
Mortgage-backed securities:
Federal agencies		36,097			35,434			52,681			35,406			30,640
Private collateralized mortgage obligations		20,994			14,270			4,026			3,816			3,993
Total mortgage-backed securities		57,091			49,704			56,707			39,222			34,633
Other debt securities (1)		10,825			8,465			5,822			5,090			5,778
Total debt securities available for sale (1)		75,181			65,090			68,421			49,534			44,696
Mortgages held for sale (2)		26,273			28,327			35,552			36,060			32,343
Loans held for sale (2)		647			965			960			864			794
Loans:
Commercial and commercial real estate:
Commercial		91,085			86,958			79,713			73,932			71,063
Other real estate mortgage		37,426			35,863			32,641			31,736			30,590
Real estate construction		18,932			18,510			16,914			16,393			15,892
Lease financing		6,825			6,583			6,026			5,559			5,503
Total commercial and commercial real estate		154,268			147,914			135,294			127,620			123,048
Consumer:
Real estate 1-4 family first mortgage		72,308			69,262			63,929			58,283			54,444
Real estate 1-4 family junior lien mortgage		75,263			75,272			73,476			70,390			69,079
Credit card		18,776			17,689			16,261			14,950			14,557
Other revolving credit and installment		55,910			56,546			54,165			53,464			53,539
Total consumer		222,257			218,769			207,831			197,087			191,619
Foreign		7,394			7,689			7,558			7,263			6,762
Total loans (2)		383,919			374,372			350,683			331,970			321,429
Other		1,825			1,552			1,396			1,329			1,327
Total earning assets	$	496,862		$	477,526		$	465,274		$	429,178		$	410,761
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	5,226		$	5,254		$	5,160		$	5,193		$	4,615
Market rate and other savings		159,865			156,260			149,194			145,185			140,934
Savings certificates		41,915			42,560			41,080			39,729			38,514
Other time deposits		4,763			10,874			10,948			4,574			9,312
Deposits in foreign offices		46,641			44,991			41,326			32,841			27,647
Total interest-bearing deposits		258,410			259,939			247,708			227,522			221,022
Short-term borrowings		52,970			34,074			36,415			21,066			11,498
Long-term debt		100,686			98,012			94,686			90,931			89,027
Total interest-bearing liabilities		412,066			392,025			378,809			339,519			321,547
Portion of noninterest-bearing funding sources		84,796			85,501			86,465			89,659			89,214
Total funding sources	$	496,862		$	477,526		$	465,274		$	429,178		$	410,761
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,648		$	12,127		$	11,579		$	11,655		$	11,862
Goodwill		13,161			13,091			12,008			11,435			11,274
Other		53,323			52,903			52,672			50,418			48,208
Total noninterest-earning assets	$	78,132		$	78,121		$	76,259		$	73,508		$	71,344
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	84,886		$	86,632		$	88,991		$	91,256		$	88,769
Other liabilities		30,348			29,019			26,413			25,221			25,536
Stockholders’ equity		47,694			47,971			47,320			46,690			46,253
Noninterest-bearing funding sources used to fund earning assets		(84,796	)		(85,501	)		(86,465	)		(89,659	)		(89,214	)
Net noninterest-bearing funding sources	$	78,132		$	78,121		$	76,259		$	73,508		$	71,344
TOTAL ASSETS	$	574,994		$	555,647		$	541,533		$	502,686		$	482,105

(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

	Quarter ended March 31					,
(in millions)	2008			2007
Balance, beginning of period	$	47,628		$	45,814
Cumulative effect from adoption of:
FSP 13-2 (1)		—			(71	)
EITF 06-4 and 06-10 (2)		(20	)		—
FAS 158 remeasurement (3)		(8	)		—
Net income		1,999			2,244
Other comprehensive income (loss), net of tax, related to:
Translation adjustments		(7	)		1
Investment securities and other interests held		(783	)		18
Derivative instruments and hedging activities		184			(38	)
Defined benefit pension plans		1			6
Common stock issued		317			448
Common stock repurchased		(351	)		(1,631	)
Preferred stock released to ESOP		134			128
Common stock dividends		(1,024	)		(948	)
Other, net		89			102
Balance, end of period	$	48,159		$	46,073

(1)	Financial Accounting Standards Board 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.
(2)	Emerging Issues Task Force (EITF) Issue No. 06-4,Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar Life Insurance Arrangements,and Issue No. 06-10,Accounting for Collateral Assignment Split-Dollar Life Insurance Arrangements.
(3)	Statement of Financial Accounting Standards No. 158,Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans — an amendment of FASB Statements No. 87, 88, 106, and 132(R).

-20-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER LOANS

	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2008			2007			2007			2007			2007
Commercial and commercial real estate:																%
Commercial	$	92,589		$	90,468		$	82,598		$	77,560		$	72,268
Other real estate mortgage		38,415			36,747			33,227			32,336			31,542
Real estate construction		18,885			18,854			17,301			16,552			15,869
Lease financing		6,885			6,772			6,089			5,979			5,494
Total commercial and commercial real estate		156,774			152,841			139,215			132,427			125,173
Consumer:
Real estate 1-4 family first mortgage		73,321			71,415			66,877			61,177			55,982
Real estate 1-4 family junior lien mortgage		74,840			75,565			74,632			72,398			69,489
Credit card		18,677			18,762			17,129			15,567			14,594
Other revolving credit and installment		55,505			56,171			57,180			53,701			53,445
Total consumer		222,343			221,913			215,818			202,843			193,510
Foreign		7,216			7,441			7,889			7,530			6,804
Total loans (net of unearned income)	$	386,333		$	382,195		$	362,922		$	342,800		$	325,487

FIVE QUARTER NONACCRUAL LOANS AND OTHER ASSETS

	Mar. 31		,		Dec. 31		,		Sept. 30		,		June 30		,		Mar. 31		,
(in millions)	2008				2007				2007				2007				2007
Nonaccrual loans:
Commercial and commercial real estate:
Commercial	$	588			$	432			$	399			$	395			$	350
Other real estate mortgage		152				128				133				129				114
Real estate construction		438				293				188				81				82
Lease financing		57				45				38				29				31
Total commercial and commercial real estate		1,235				898				758				634				577
Consumer:
Real estate 1-4 family first mortgage (1)		1,398				1,272				886				663				701
Real estate 1-4 family junior lien mortgage		381				280				238				228				233
Other revolving credit and installment		196				184				160				155				195
Total consumer		1,975				1,736				1,284				1,046				1,129
Foreign		49				45				46				53				46
Total nonaccrual loans		3,259				2,679				2,088				1,733				1,752
As a percentage of total loans		0.84		%		0.70		%		0.58		%		0.51		%		0.54		%
Foreclosed assets:
GNMA loans (2)		578				535				487				423				381
Other		637				649				603				554				528
Real estate and other nonaccrual investments (3)		21				5				5				5				5
Total nonaccrual loans and other assets	$	4,495			$	3,868			$	3,183			$	2,715			$	2,666
As a percentage of total loans		1.16		%		1.01		%		0.88		%		0.79		%		0.82		%

(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 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
FIVE QUARTER CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
	Mar. 31		,		Dec. 31		,		Sept. 30		,		June 30		,		Mar. 31		,
(in millions)	2008				2007				2007				2007				2007
Balance, beginning of quarter	$	5,518			$	4,018			$	4,007			$	3,965			$	3,964
Provision for credit losses		2,028				2,612				892				720				715
Loan charge-offs:
Commercial and commercial real estate:
Commercial		(259	)			(221	)			(155	)			(127	)			(126	)
Other real estate mortgage		(4	)			(4	)			—				(1	)			(1	)
Real estate construction		(29	)			(9	)			(3	)			(2	)			—
Lease financing		(12	)			(9	)			(8	)			(9	)			(7	)
Total commercial and commercial real estate		(304	)			(243	)			(166	)			(139	)			(134	)
Consumer:
Real estate 1-4 family first mortgage		(81	)			(38	)			(22	)			(25	)			(24	)
Real estate 1-4 family junior lien mortgage		(455	)			(291	)			(167	)			(107	)			(83	)
Credit card		(313	)			(253	)			(205	)			(191	)			(183	)
Other revolving credit and installment		(543	)			(532	)			(473	)			(434	)			(474	)
Total consumer		(1,392	)			(1,114	)			(867	)			(757	)			(764	)
Foreign		(68	)			(70	)			(69	)			(64	)			(62	)
Total loan charge-offs		(1,764	)			(1,427	)			(1,102	)			(960	)			(960	)
Loan recoveries:
Commercial and commercial real estate:
Commercial		31				35				35				25				24
Other real estate mortgage		1				1				2				3				2
Real estate construction		1				—				1				—				1
Lease financing		3				5				3				4				5
Total commercial and commercial real estate		36				41				41				32				32
Consumer:
Real estate 1-4 family first mortgage		6				4				6				6				6
Real estate 1-4 family junior lien mortgage		17				14				14				16				9
Credit card		38				30				29				30				31
Other revolving credit and installment		125				111				105				139				149
Total consumer		186				159				154				191				195
Foreign		14				15				15				17				18
Total loan recoveries		236				215				210				240				245
Net loan charge-offs		(1,528	)			(1,212	)			(892	)			(720	)			(715	)
Allowance related to business combinations/other		(5	)			100				11				42				1
Balance, end of quarter	$	6,013			$	5,518			$	4,018			$	4,007			$	3,965
Components:
Allowance for loan losses	$	5,803			$	5,307			$	3,829			$	3,820			$	3,772
Reserve for unfunded credit commitments		210				211				189				187				193
Allowance for credit losses	$	6,013			$	5,518			$	4,018			$	4,007			$	3,965
Net loan charge-offs (annualized) as a percentage of average total loans		1.60		%		1.28		%		1.01		%		0.87		%		0.90		%
Allowance for loan losses as a percentage of:
Total loans		1.50		%		1.39		%		1.06		%		1.11		%		1.16		%
Nonaccrual loans		178				198				183				220				215
Nonaccrual loans and other assets		129				137				120				141				141
Allowance for credit losses as a percentage of:
Total loans		1.56		%		1.44		%		1.11		%		1.17		%		1.22		%
Nonaccrual loans		185				206				192				231				226
Nonaccrual loans and other assets		134				143				126				148				149

-22-

Wells Fargo & Company and Subsidiaries
NONINTEREST INCOME

	Quarter ended March 31				,	%
(in millions)	2008		2007			Change
Service charges on deposit accounts	$	748	$	685			9	%
Trust and investment fees:
Trust, investment and IRA fees		559		537			4
Commissions and all other fees		204		194			5
Total trust and investment fees		763		731			4
Card fees		558		470			19
Other fees:
Cash network fees		48		45			7
Charges and fees on loans		248		238			4
All other fees		203		228			(11	)
Total other fees		499		511			(2	)
Mortgage banking:
Servicing income, net		273		216			26
Net gains on mortgage loan origination/sales activities		267		495			(46	)
All other		91		79			15
Total mortgage banking		631		790			(20	)
Operating leases		143		192			(26	)
Insurance		504		399			26
Net gains from trading activities		103		265			(61	)
Net gains on debt securities available for sale		323		31			942
Net gains from equity investments		313		97			223
All other		218		260			(16	)
Total	$	4,803	$	4,431			8

 
NONINTEREST EXPENSE

	Quarter ended March 31					,	%
(in millions)	2008			2007			Change
Salaries	$	1,984		$	1,867			6	%
Incentive compensation		644			742			(13	)
Employee benefits		587			665			(12	)
Equipment		348			337			3
Net occupancy		399			365			9
Operating leases		116			153			(24	)
Outside professional services		171			192			(11	)
Outside data processing		109			111			(2	)
Travel and entertainment		105			109			(4	)
Contract services		108			118			(8	)
Operating losses (reduction in losses)		(73	)		87			NM
Insurance		161			128			26
Advertising and promotion		85			91			(7	)
Postage		89			87			2
Telecommunications		78			81			(4	)
Stationery and supplies		52			53			(2	)
Security		44			43			2
Core deposit intangibles		31			26			19
All other		424			271			56
Total	$	5,462		$	5,526			(1	)

NM — Not meaningful

-23-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER NONINTEREST INCOME

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2008			2007			2007			2007			2007
Service charges on deposit accounts	$	748		$	788		$	837		$	740		$	685
Trust and investment fees:
Trust, investment and IRA fees		559			585			573			610			537
Commissions and all other fees		204			217			204			229			194
Total trust and investment fees		763			802			777			839			731
Card fees		558			588			561			517			470
Other fees:
Cash network fees		48			47			51			50			45
Charges and fees on loans		248			274			246			253			238
All other fees		203			256			269			335			228
Total other fees		499			577			566			638			511
Mortgage banking:
Servicing income, net		273			543			797			(45	)		216
Net gains (losses) on mortgage loan origination/sales activities		267			220			(61	)		635			495
All other		91			68			87			99			79
Total mortgage banking		631			831			823			689			790
Operating leases		143			153			171			187			192
Insurance		504			370			329			432			399
Net gains (losses) from trading activities		103			62			(43	)		260			265
Net gains (losses) on debt securities available for sale		323			60			160			(42	)		31
Net gains from equity investments		313			222			173			242			97
All other		218			264			219			193			260
Total	$	4,803		$	4,717		$	4,573		$	4,695		$	4,431

 
FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2008			2007			2007			2007			2007
Salaries	$	1,984		$	2,055		$	1,933		$	1,907		$	1,867
Incentive compensation		644			840			802			900			742
Employee benefits		587			558			518			581			665
Equipment		348			370			295			292			337
Net occupancy		399			413			398			369			365
Operating leases		116			124			136			148			153
Outside professional services		171			250			222			235			192
Outside data processing		109			127			123			121			111
Travel and entertainment		105			134			113			118			109
Contract services		108			114			103			113			118
Operating losses (reduction in losses)		(73	)		68			225			57			87
Insurance		161			59			81			148			128
Advertising and promotion		85			100			108			113			91
Postage		89			85			88			85			87
Telecommunications		78			80			79			81			81
Stationery and supplies		52			61			54			52			53
Security		44			47			42			44			43
Core deposit intangibles		31			32			28			27			26
All other		424			383			323			336			271
Total	$	5,462		$	5,900		$	5,671		$	5,727		$	5,526

-24-

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

	Quarter ended March 31																,
	2008								2007
							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	$	3,888			3.30	%	$	32	$	5,867			5.15	%	$	75
Trading assets		5,129			3.73			48		4,305			5.53			59
Debt securities available for sale (3):
Securities of U.S. Treasury and federal agencies		975			3.86			9		753			4.31			8
Securities of U.S. states and political subdivisions		6,290			7.43			120		3,532			7.39			63
Mortgage-backed securities:
Federal agencies		36,097			6.10			535		30,640			6.19			467
Private collateralized mortgage obligations		20,994			6.08			324		3,993			6.33			62
Total mortgage-backed securities		57,091			6.09			859		34,633			6.21			529
Other debt securities (4)		10,825			6.93			196		5,778			7.44			106
Total debt securities available for sale (4)		75,181			6.30			1,184		44,696			6.43			706
Mortgages held for sale (5)		26,273			6.00			394		32,343			6.55			530
Loans held for sale (5)		647			7.54			12		794			7.82			15
Loans:
Commercial and commercial real estate:
Commercial		91,085			6.92			1,569		71,063			8.30			1,455
Other real estate mortgage		37,426			6.44			600		30,590			7.41			560
Real estate construction		18,932			6.06			285		15,892			8.01			314
Lease financing		6,825			5.77			98		5,503			5.74			79
Total commercial and commercial real estate		154,268			6.65			2,552		123,048			7.93			2,408
Consumer:
Real estate 1-4 family first mortgage		72,308			6.90			1,246		54,444			7.33			995
Real estate 1-4 family junior lien mortgage		75,263			7.31			1,368		69,079			8.17			1,393
Credit card		18,776			12.33			579		14,557			13.55			493
Other revolving credit and installment		55,910			9.09			1,264		53,539			9.75			1,287
Total consumer		222,257			8.05			4,457		191,619			8.78			4,168
Foreign		7,394			11.27			207		6,762			11.54			192
Total loans (5)		383,919			7.55			7,216		321,429			8.51			6,768
Other		1,825			4.54			20		1,327			5.12			16
Total earning assets	$	496,862			7.19			8,906	$	410,761			8.04			8,169
FUNDING SOURCES
Deposits:
Interest-bearing checking	$	5,226			1.92			25	$	4,615			3.25			37
Market rate and other savings		159,865			1.97			784		140,934			2.77			963
Savings certificates		41,915			3.96			413		38,514			4.43			421
Other time deposits		4,763			3.53			42		9,312			5.13			118
Deposits in foreign offices		46,641			2.84			330		27,647			4.67			318
Total interest-bearing deposits		258,410			2.48			1,594		221,022			3.41			1,857
Short-term borrowings		52,970			3.23			425		11,498			4.78			136
Long-term debt		100,686			4.29			1,077		89,027			5.15			1,138
Total interest-bearing liabilities		412,066			3.02			3,096		321,547			3.94			3,131
Portion of noninterest-bearing funding sources		84,796			—			—		89,214			—			—
Total funding sources	$	496,862			2.50			3,096	$	410,761			3.09			3,131
Net interest margin and net interest income on a taxable-equivalent basis (6)					4.69	%	$	5,810					4.95	%	$	5,038
NONINTEREST-EARNING ASSETS
Cash and due from banks	$	11,648							$	11,862
Goodwill		13,161								11,274
Other		53,323								48,208
Total noninterest-earning assets	$	78,132							$	71,344
NONINTEREST-BEARING FUNDING SOURCES
Deposits	$	84,886							$	88,769
Other liabilities		30,348								25,536
Stockholders’ equity		47,694								46,253
Noninterest-bearing funding sources used to fund earning assets		(84,796	)							(89,214	)
Net noninterest-bearing funding sources	$	78,132							$	71,344
TOTAL ASSETS	$	574,994							$	482,105

(1)	Our average prime rate was 6.22% and 8.25% for the quarters ended March 31, 2008 and 2007, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 3.29% and 5.36% 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.

-25-

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)	2008			2007			2007			2007			2007
COMMUNITY BANKING
Net interest income	$	3,636		$	3,421		$	3,303		$	3,225		$	3,150
Provision for credit losses		1,313			2,082			446			353			306
Noninterest income		3,223			3,101			3,020			2,946			2,765
Noninterest expense		3,336			3,822			3,713			3,590			3,570
Income before income tax expense		2,210			618			2,164			2,228			2,039
Income tax expense (benefit)		783			(40	)		717			726			540
Net income	$	1,427		$	658		$	1,447		$	1,502		$	1,499
Average loans	$	214.9		$	210.9		$	197.4		$	186.6		$	180.8
Average assets		356.7			346.8			348.1			319.8			306.8
Average core deposits		248.4			245.3			243.0			243.0			237.1
WHOLESALE BANKING
Net interest income	$	1,032		$	987		$	918		$	888		$	855
Provision for credit losses		161			36			19			1			13
Noninterest income		1,250			1,293			1,239			1,421			1,347
Noninterest expense		1,415			1,294			1,230			1,346			1,207
Income before income tax expense		706			950			908			962			982
Income tax expense		231			325			317			341			349
Net income	$	475		$	625		$	591		$	621		$	633
Average loans	$	100.6		$	95.1		$	87.5		$	81.4		$	77.9
Average assets		138.5			128.3			115.9			107.3			101.2
Average core deposits		68.9			69.5			63.1			57.5			53.5
WELLS FARGO FINANCIAL
Net interest income	$	1,092		$	1,080		$	1,059		$	1,083		$	1,005
Provision for credit losses		554			494			427			366			396
Noninterest income		330			323			314			328			319
Noninterest expense		711			784			728			791			749
Income before income tax expense		157			125			218			254			179
Income tax expense		60			47			83			98			67
Net income	$	97		$	78		$	135		$	156		$	112
Average loans	$	68.4		$	68.4		$	65.8		$	64.0		$	62.7
Average assets		74.0			74.7			71.7			69.8			68.3
CONSOLIDATED COMPANY
Net interest income	$	5,760		$	5,488		$	5,280		$	5,196		$	5,010
Provision for credit losses		2,028			2,612			892			720			715
Noninterest income		4,803			4,717			4,573			4,695			4,431
Noninterest expense		5,462			5,900			5,671			5,727			5,526
Income before income tax expense		3,073			1,693			3,290			3,444			3,200
Income tax expense		1,074			332			1,117			1,165			956
Net income	$	1,999		$	1,361		$	2,173		$	2,279		$	2,244
Average loans	$	383.9		$	374.4		$	350.7		$	332.0		$	321.4
Average assets (2)		575.0			555.6			541.5			502.7			482.1
Average core deposits		317.3			314.8			306.1			300.5			290.6

(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 the realignment of our corporate trust business into Wholesale Banking in first quarter 2008, 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.

-26-

Wells Fargo & Company and Subsidiaries
FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in millions)	2008			2007			2007			2007			2007
Residential MSRs measured using the fair value method:
Fair value, beginning of quarter	$	16,763		$	18,223		$	18,733		$	17,779		$	17,591
Purchases		52			314			188			142			159
Servicing from securitizations or asset transfers		797			872			951			1,029			828
Sales		(92	)		—			(292	)		(1,422	)		—
Net additions (reductions)		757			1,186			847			(251	)		987
Changes in fair value:
Due to changes in valuation model inputs or assumptions (1)		(1,798	)		(1,935	)		(638	)		2,013			(11	)
Other changes in fair value (2)		(766	)		(711	)		(719	)		(808	)		(788	)
Total changes in fair value		(2,564	)		(2,646	)		(1,357	)		1,205			(799	)
Fair value, end of quarter	$	14,956		$	16,763		$	18,223		$	18,733		$	17,779

(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)	2008			2007			2007			2007			2007
Amortized MSRs:
Balance, beginning of quarter	$	466		$	460		$	418		$	400		$	377
Purchases		3			19			46			26			29
Servicing from securitizations or asset transfers		5			7			12			11			10
Amortization		(19	)		(20	)		(16	)		(19	)		(16	)
Balance, end of quarter (1)	$	455		$	466		$	460		$	418		$	400
Fair value of amortized MSRs:
Beginning of quarter	$	573		$	602		$	561		$	484		$	457
End of quarter		601			573			602			561			484

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

-27-

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)	2008			2007			2007			2007			2007
Servicing income, net:
Servicing fees (1)	$	964		$	994		$	970		$	1,007		$	1,054
Changes in fair value of residential MSRs:
Due to changes in valuation model inputs or assumptions (2)		(1,798	)		(1,935	)		(638	)		2,013			(11	)
Other changes in fair value (3)		(766	)		(711	)		(719	)		(808	)		(788	)
Total changes in fair value of residential MSRs		(2,564	)		(2,646	)		(1,357	)		1,205			(799	)
Amortization		(19	)		(20	)		(16	)		(19	)		(16	)
Net derivative gains (losses) from economic hedges (4)		1,892			2,215			1,200			(2,238	)		(23	)
Total servicing income, net	$	273		$	543		$	797		$	(45	)	$	216
Market-related valuation changes to MSRs, net of hedge results (2) + (4)	$	94		$	280		$	562		$	(225	)	$	(34	)

(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)	2008				2007				2007				2007				2007
Managed servicing portfolio:
Loans serviced for others (1)	$	1,431			$	1,430			$	1,380			$	1,347			$	1,309
Owned loans serviced (2)		103				98				97				96				88
Total owned servicing		1,534				1,528				1,477				1,443				1,397
Sub-servicing		21				23				22				24				26
Total managed servicing portfolio	��$	1,555			$	1,551			$	1,499			$	1,467			$	1,423
Ratio of MSRs to related loans serviced for others		1.08		%		1.20		%		1.35		%		1.42		%		1.39		%
Weighted-average note rate (owned servicing only)		6.00		%		6.01		%		5.98		%		5.95		%		5.93		%

(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.

-28-

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)	2008			2007				2007				2007				2007
Application Data:
Wells Fargo Home Mortgage first mortgage quarterly applications	$	132		$	91			$	95			$	114			$	113
Refinances as a percentage of applications		62	%		52		%		40		%		40		%		46		%
Wells Fargo Home Mortgage first mortgage unclosed pipeline, at quarter end	$	61		$	43			$	45			$	56			$	57

	Quarter ended
	Mar. 31		,	Dec. 31		,	Sept. 30		,	June 30		,	Mar. 31		,
(in billions)	2008			2007			2007			2007			2007
																%
Residential Real Estate Originations: (1)
Quarter:
Wells Fargo Home Mortgage first mortgage loans:
Retail	$	34		$	28		$	29		$	32		$	26
Correspondent/Wholesale		27			22			29			36			31
Home equity loans and lines		3			4			7			9			8
Wells Fargo Financial		2			2			3			3			3
Total	$	66		$	56		$	68		$	80		$	68
Year-to-date	$	66		$	272		$	216		$	148		$	68

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

-29-

Wells Fargo & Company and Subsidiaries
SELECTED HOME EQUITY PORTFOLIO DATA

							% of loans
							two payments
	Outstanding balances						or more past due							Annualized loss rate (1)
	Mar. 31		,	Dec. 31		,	Mar. 31		,	Dec. 31		,		Mar. 31		,	Dec. 31		,
(in millions)	2008			2007			2008			2007				2008			2007
Liquidating portfolio
California	$	4,417		$	4,387			3.32	%		2.94		%		8.52	%		7.34		%
Florida		582			582			5.40			4.98				10.56			7.08
Arizona		275			274			3.43			2.67				5.57			5.84
Texas		219			221			0.65			0.83				1.93			0.78
Minnesota		139			141			3.10			3.18				7.91			4.09
Other		5,866			6,296			2.18			2.00				2.98			2.94
Total		11,498			11,901			2.79			2.50				5.58			4.80
Core portfolio
California		26,331			25,991			1.96			1.63				2.21			1.27
Florida		2,595			2,614			3.80			2.92				4.35			2.57
Arizona		3,785			3,821			1.91			1.54				1.89			0.90
Texas		2,805			2,842			1.05			1.03				0.20			0.19
Minnesota		4,546			4,668			1.16			1.08				1.07			0.88
Other		31,994			32,393			1.44			1.43				0.95			0.44
Total		72,056			72,329			1.71			1.52				1.56			0.86
Combined totals	$	83,554		$	84,230			1.86			1.66				2.12			1.42

(1) Annualized loss rate for March 31, 2008, data is based on full quarter rate. Annualized loss rate for December 31, 2007, data is based on loss rate for month of December 2007.