EXHIBIT 99(b)
WFC HOLDINGS CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED DIVIDENDS
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Quarter Nine months
ended Sept. 30, ended Sept. 30,
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(in millions) 1998 1997 1998 1997
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EARNINGS, INCLUDING INTEREST ON DEPOSITS (1):
Income before income tax expense $ 636 $ 543 $1,836 $1,613
Fixed charges 551 610 1,697 1,805
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$1,187 $1,153 $3,533 $3,418
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Preferred dividend requirement $ 4 $ 5 $ 13 $ 21
Ratio of income before income tax expense to net income 1.83 1.87 1.84 1.88
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Preferred dividends (2) $ 7 $ 9 $ 24 $ 40
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Fixed charges (1):
Interest expense 520 579 1,602 1,710
Estimated interest component of net rental expense 31 31 95 95
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551 610 1,697 1,805
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Fixed charges and preferred dividends $ 558 $ 619 $1,721 $1,845
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Ratio of earnings to fixed charges and preferred dividends (3) 2.13 1.86 2.05 1.85
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EARNINGS, EXCLUDING INTEREST ON DEPOSITS:
Income before income tax expense $ 636 $ 543 $1,836 $1,613
Fixed charges 144 180 478 525
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$ 780 $ 723 $2,314 $2,138
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Preferred dividends (2) $ 7 $ 9 $ 24 $ 40
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Fixed charges:
Interest expense 520 579 1,602 1,710
Estimated interest component of net rental expense 31 31 95 95
Less interest on deposits 407 430 1,219 1,280
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144 180 478 525
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Fixed charges and preferred dividends $ 151 $ 189 $ 502 $ 565
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Ratio of earnings to fixed charges and preferred dividends (3) 5.17 3.83 4.61 3.78
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(1) As defined in Item 503(d) of Regulation S-K.
(2) The preferred dividends were increased to amounts representing the pretax
earnings that would be required to cover such dividend requirements.
(3) These computations are included herein in compliance with Securities and
Exchange Commission regulations. However, management believes that fixed
charge ratios are not meaningful measures for the business of the Company
because of two factors. First, even if there was no change in net income,
the ratios would decline with an increase in the proportion of income which
is tax-exempt or, conversely, they would increase with a decrease in the
proportion of income which is tax-exempt. Second, even if there was no
change in net income, the ratios would decline if interest income and
interest expense increase by the same amount due to an increase in the
level of interest rates or, conversely, they would increase if interest
income and interest expense decrease by the same amount due to a decrease
in the level of interest rates.