Exhibit 99.1

 

	Media		Investors
	Mary Eshet		Jim Rowe
	704-383-7777		415-396-8216

Wednesday, April 20, 2011

WELLS FARGO REPORTS RECORD QUARTERLY NET INCOME
Q1 Net Income of $3.8 billion

•

Continued strong financial results:

	o		Record net income of $3.8 billion, up 48 percent from prior year, up 10 percent from prior quarter
	o		Diluted earnings per common share of $0.67, up 49 percent from prior year, up 10 percent from prior quarter
	o		All business segments contributed to earnings
	o		Return on assets of 1.23 percent, up 14 basis points from prior quarter, highest in 3 years
	o		Revenue of $20.3 billion, down $1.2 billion from prior quarter, reflecting $741 million decline in mortgage banking fee income
	o		Noninterest expense down $607 million from prior quarter
	o		Average checking and savings deposits up 9 percent from prior year; consumer checking accounts up a net 7.4 percent from March 31, 2010
	o		Average loans of $754.1 billion, up $402 million from prior quarter

•

Capital strength; returned more capital to shareholders:

	o		Capital ratios increased, with Tier 1 common equity ratio of 8.9 percent under Basel I at March 31, 2011, and an estimated Tier 1 common equity ratio of 7.2 percent under current Basel III capital proposals1
	o		Increased quarterly dividend rate to $0.12 per share, fully paid in first quarter
	o		Additional 200 million share repurchase authority
	o		Called $3.2 billion of high-cost trust preferred securities

•

Significant improvement in credit quality:

	o		Net loan charge-offs declined to $3.2 billion, down $629 million from prior quarter
	o		Nonperforming assets declined $1.8 billion from prior quarter to $30.6 billion and nonperforming loans declined $1.3 billion
	o		Reserve release2 of $1.0 billion (pre tax) reflected improved portfolio performance; expect future reductions in the allowance absent significant deterioration in the economy

- 2 -

•

Wachovia merger integration remained on track:

	o		Converted retail banking stores in Connecticut, Delaware, New Jersey and New York in first quarter
	o		Completed conversion to one common retail brokerage platform
	o		Pennsylvania banking stores converted April 15th
	o		Florida banking stores expected to convert in June and July; remaining Eastern banking markets expected to convert by year end

•

Supplied $151 billion in credit to consumers and businesses during the quarter, up from $128 billion in first quarter 2010

•

As of March 31, 2011, over 665,000 active trial or completed loan modifications had been initiated since the beginning of 2009; of this total, over 85 percent were through Wells Fargo’s own modification programs and the remainder were through the federal government’s Home Affordable Modification Program (HAMP)

Selected Financial Information

	Quarter ended
		Mar. 31,				Dec. 31,				Mar. 31,
		2011				2010				2010
Earnings
Diluted earnings per common share		$	0.67				0.61				0.45
Wells Fargo net income (in billions)			3.76				3.41				2.55
Asset Quality
Net charge-offs as a % of avg. total loans (annualized)			1.73	%			2.02				2.71
Allowance as a % of total loans			2.98				3.10				3.28
Allowance as a % of annualized net charge-offs			172				154				119
Other
Revenue (in billions)		$	20.33				21.49				21.45
Average loans (in billions)			754.1				753.7				797.4
Average core deposits (in billions)			796.8				794.8				759.2
Net interest margin			4.05	%			4.16				4.27

- 3 -

SAN FRANCISCO – Wells Fargo & Company (NYSE: WFC) reported record net income of $3.8 billion, or $0.67 per diluted common share, for first quarter 2011, up from $2.5 billion, or $0.45 per share, for first quarter 2010.

“Our strong first quarter results reflected positive trends in our business fundamentals as credit quality improved, capital ratios increased and cross-selling reached new highs,” said Chairman and CEO John Stumpf. “As the economy continued an uneven recovery, our business customers increased borrowing and utilization of credit lines – a hopeful sign that businesses are once again investing for growth. Consumers continue to be hesitant to borrow, yet our robust deposit growth reflects the strong loyalty and market share we enjoy among customers. We also marked an historic return of the Wells Fargo name to the New York market as we celebrated our 159th anniversary and converted banking stores in Connecticut, Delaware, New Jersey and New York during the quarter. Our Pennsylvania banking stores were converted successfully this past weekend and we expect to convert all remaining Wachovia stores by the end of this year.

“We were extremely pleased to return additional capital to our shareholders in the first quarter with an increased common stock dividend. This action, coupled with the reinstatement of our common stock repurchase program and the calling of certain high-cost trust preferred securities, reflects the continued strength of our capital position. The diversity of Wells Fargo’s business lines enables us to better serve all our customers’ financial needs and enhances the stability and strength of our earnings –which in turn provides the foundation that supports us in doing the right thing for our customers and our shareholders every day, for the long term. Our focus is on improving our efficiency, investing wisely, making every good loan we can, helping customers emerge from the economic downturn, and building an ever-stronger capital base.”

Financial Performance
“In the first quarter, our businesses again produced strong results for shareholders – demonstrating the power of our diversified business model and risk discipline,” said Chief Financial Officer Tim Sloan. “Our focus on expanding customer relationships was evident in this quarter’s growth in core deposits, net checking accounts and many commercial loan portfolios. While revenue declined from the prior quarter, our expense and risk management discipline helped produce record results – evidence of the benefits our business model provides our shareholders. Expenses declined significantly from fourth quarter and credit quality continued to improve, with the second consecutive quarterly decline in nonperforming loans and the fifth consecutive quarter of lower net charge-offs. Capital levels grew once again, with Tier 1 common equity reaching 8.9 percent under Basel I at March 31, 2011, and an estimated 7.2 percent under current Basel III capital proposals. Integration activities remain on track and, after converting customers in Pennsylvania, we now have 74 percent of our banking customers company-wide on a single system. We believe our franchise has never been better positioned to capture future growth opportunities.”

- 4 -

Revenue
Revenue was $20.3 billion, compared with $21.5 billion in fourth quarter 2010 and $21.4 billion in first quarter 2010. The linked-quarter decline in revenue was primarily due to lower mortgage banking revenue (down $741 million) and lower net interest income. Many businesses generated linked-quarter revenue growth, including commercial mortgage servicing, fixed income and equity sales and trading, global remittance, real estate capital markets, retail brokerage, retirement services, SBA lending and wealth management.

Net Interest Income
Net interest income was $10.7 billion, compared with $11.1 billion in fourth quarter 2010. The net interest margin was 4.05 percent, down 11 basis points from 4.16 percent in fourth quarter 2010. Approximately one-half of the decline in margin was due to a lower level of accelerated income from purchased credit-impaired (PCI) loan resolutions and securities redemptions predominantly related to legacy Wachovia positions. The remaining portion of the decline in margin was attributable to higher levels of low-yielding cash and short-term investments reflecting the Company’s interest rate risk management discipline. Other than these items, the margin was essentially flat compared with last quarter.

Noninterest Income
Noninterest income was $9.7 billion, down $623 million, or 6 percent, from first quarter 2010, and down $753 million from fourth quarter 2010, almost entirely attributable to the decline in mortgage banking income. On a linked-quarter basis, card fees were higher driven by new account growth and increased card usage by existing customers. Gains on trading assets were up (improved fixed income environment) as were debt securities results (lower losses from sales of lower-yielding bonds) and gains from equity investments. Trust and investment fees were down modestly, reflecting lower bond and equity originations after a particularly strong fourth quarter, partially offset by higher retail brokerage asset-based fees. Insurance fees were seasonally lower.

Mortgage banking noninterest income was $2.02 billion, down $741 million from fourth quarter 2010 on $84 billion of originations compared with $128 billion of originations in fourth quarter. Mortgage banking noninterest income in first quarter included a $249 million provision for mortgage loan repurchase losses compared with $464 million in fourth quarter (included in net gains from mortgage loan origination/sales activities). Net mortgage servicing rights (MSRs) results were a $379 million gain compared with a $143 million loss in fourth quarter 2010. The ratio of MSRs to related loans serviced for others was 92 basis points and the average note rate on the servicing portfolio was 5.31 percent, compared with an average 4.86 percent published rate in the Freddie Mac Primary Mortgage Market Survey at quarter-end. The unclosed pipeline at March 31, 2011, was $45 billion compared with $73 billion at December 31, 2010.

- 5 -

The Company had net unrealized securities gains of $8.9 billion at March 31, 2011, up $549 million from fourth quarter 2010. Net realized equity gains of $353 million were partially offset by $166 million of realized bond losses.

Noninterest Expense
Noninterest expense was $12.7 billion, down $607 million from fourth quarter 2010 and up $616 million from a year ago. First quarter expenses included $440 million of merger integration costs (down from $534 million in fourth quarter 2010), $472 million of operating losses (up from $193 million in fourth quarter 2010) substantially all from additional litigation accruals for foreclosure-related matters, and seasonally higher incentive compensation expenses. “We continue to focus on managing costs across our company, without compromising future growth opportunities,” said Sloan. “Certain expenses in the quarter remained elevated, including loan resolution costs and merger costs. As we conclude the integration process, and as the economy continues to recover, we expect these expenses to decline. It’s also important to note that expense reductions in some of our large variable-cost businesses, such as consumer mortgage origination, can sometimes lag related reductions in revenue.”

Loans
Total loans were $751.2 billion at March 31, 2011, compared with $757.3 billion at December 31, 2010, including non-strategic/liquidating portfolios. These portfolios (legacy Wells Fargo Financial indirect auto, liquidating home equity, legacy Wells Fargo Financial debt consolidation, education finance government loans, Pick-a-Pay mortgage, and other PCI) declined $6.5 billion in the quarter. Excluding this planned reduction, total loans increased modestly from the prior quarter. Average loans increased $402 million from last quarter and many portfolios had linked-quarter average loan growth, including auto dealer services, asset-backed finance, brokerage, commercial banking, commercial real estate, corporate banking, government banking, international, private student lending and SBA lending. “The increase in loan balances this quarter reflected new customer relationships, as well as increased borrowing by existing commercial customers,” said Sloan.

		March 31, 2011												December 31, 2010
(in millions)		Core				Liquidating (1)				Total				Core				Liquidating (1)				Total
Commercial		$	315,715				7,507				323,222				314,123				7,935				322,058
Consumer			308,619				119,314				427,933				309,840				125,369				435,209
Total loans		$	624,334				126,821				751,155				623,963				133,304				757,267

- 6 -

Deposits
Average core deposits were $796.8 billion, up 5 percent from a year ago and 1 percent (annualized) from fourth quarter 2010. Consumer checking accounts grew a net 7.4 percent from March 31, 2010. Average checking and savings deposits were $722.5 billion, up 9 percent from a year ago and up 4 percent (annualized) from fourth quarter 2010. Average mortgage escrow deposits were $27.9 billion compared with $24.6 billion a year ago and $36.0 billion in fourth quarter 2010. Average checking and savings deposits were 91 percent of average core deposits, up from 88 percent a year ago. The average deposit cost for first quarter 2011 was 30 basis points compared with 31 basis points in fourth quarter 2010. Total core deposits were 106 percent of total loans at March 31, 2011.

Capital
Capital ratios increased again in the quarter, reflecting continued strong internal capital generation. The Company took several capital actions contemplated in its capital plan submitted to the Federal Reserve, including increasing the quarterly common stock dividend rate to $0.12 a share, reinstating the common stock repurchase program, and calling $3.2 billion of high-cost trust preferred securities that will no longer count as Tier 1 capital under Dodd-Frank and Basel III. “We have confidence in our capital plan, which recognizes the continued strength of our capital position and supports our goal of returning over time to a more normalized common stock dividend payout ratio of 30 percent,” said Sloan. “We appreciate the patience and loyalty our shareholders have demonstrated and look forward to returning more capital over time.”

Income Tax Expense
The Company’s effective income tax rate was 29.5 percent for first quarter 2011. This rate included the benefit associated with the realization for tax purposes of a previously written down investment. Currently, the Company’s estimate of its full year 2011 effective tax rate is approximately 32 percent.

 - 7 -

Credit Quality
Net charge-offs decreased significantly from $3.8 billion in the fourth quarter of 2010 to $3.2 billion in the first quarter. “The first quarter marked the fifth consecutive quarter of declining loan losses and the second consecutive quarter of reduced nonperforming assets,” said Mike Loughlin, Chief Risk Officer. “Delinquency trends continued to improve across the portfolio for both early and late stage delinquencies. Six percent of the retail loan portfolio was 30 days or more past due, down 15 percent from the previous quarter. While these improvements were partially driven by seasonal factors, the improving economic landscape and customer optimism also contributed to a more positive credit environment. Reflecting the improved overall portfolio performance, the provision for credit losses was $1.0 billion less than net charge-offs. Absent significant deterioration in the economy, we expect future reserve releases,” said Loughlin.

Credit Losses
First quarter net charge-offs were $3.2 billion, or 1.73 percent (annualized) of average loans, down $629 million from fourth quarter net charge-offs of $3.8 billion (2.02 percent). Net charge-offs improved across all major portfolio segments. “We continue to be optimistic about the improvements in credit quality and remain focused on managing through this cycle,” said Loughlin.

 - 8 -

Nonperforming Assets
Nonperforming assets ended the quarter at $30.6 billion, down 5 percent from $32.4 billion in the fourth quarter. Nonaccrual loans declined to $25.0 billion from $26.2 billion in the fourth quarter, with reductions in commercial and industrial, commercial real estate construction and each of the consumer categories: 1-4 family first mortgage, 1-4 family junior lien mortgage, and other revolving credit and installment.

Loans 90 Days or More Past Due and Still Accruing
Loans 90 days or more past due and still accruing also improved in the quarter, totaling $17.9 billion at March 31, 2011, compared with $18.5 billion at December 31, 2010. For the same dates, the totals included $15.5 billion in mortgage loans and $15.8 billion in student loans whose repayments are insured by the Federal Housing Administration or predominantly guaranteed by the Department of Veterans Affairs for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program. Excluding these insured guaranteed loan balances, 90 days past due and accruing balances were down 8 percent from the prior quarter.

 - 9 -

Allowance for Credit Losses
The allowance for credit losses, including the allowance for unfunded commitments, totaled $22.4 billion at March 31, 2011, down from $23.5 billion at December 31, 2010. The allowance coverage to total loans remained stable with the first quarter at 2.98 percent. The allowance covered 1.72 times annualized first quarter net charge-offs compared with 1.54 times in the prior quarter. The allowance coverage to nonaccrual loans was 90 percent at March 31, 2011, compared with 89 percent at December 31, 2010. “We believe the allowance was adequate for losses inherent in the loan portfolio at March 31, 2011,” said Loughlin.

Additional detail on credit quality is included in the quarterly supplement, available on the Investor Relations page at www.wellsfargo.com/invest_relations/investor_relations/

Business Segment Performance
Wells Fargo defines its operating segments by product type and customer segment. Segment net income for each of the three business segments was:

More financial information about the business segments is on page 38.

Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Mortgage business units.

Selected Financial Information

Community Banking reported net income of $2.2 billion, up $251 million, or 13 percent, from prior quarter and up $760 million, or 54 percent, from first quarter 2010. Revenue decreased $835 million, from fourth quarter 2010 driven primarily by a decrease in mortgage banking income, as lower originations/sales activities more than offset an increase in servicing income, and by the expected

reduction in the liquidating loan portfolios, mitigated by gains on asset disposition. Revenue decreased $1.3 billion, or 10 percent, from first quarter 2010 largely due to lower mortgage banking income, lower deposit service charges due to Regulation E and the expected reduction in the liquidating loan portfolios. Noninterest expense decreased $250 million, or 3 percent, from fourth quarter 2010, which included a $400 million charitable contribution to the Wells Fargo Foundation, reflecting in part lower software license and equipment maintenance expense, partially offset by an increase in operating losses (substantially all from litigation accruals for foreclosure-related matters) and seasonally higher personnel expenses. The provision for credit losses decreased $720 million from fourth quarter 2010 due to a $520 million decrease in net loan charge-offs and an $850 million reserve release compared with a $650 million reserve release in fourth quarter 2010.

Regional Banking Highlights

•

Strong growth in checking accounts from March 31, 2010 (combined Regional Banking)

	o		Consumer checking accounts up a net 7.4 percent
	o		Business checking accounts up a net 5.3 percent
	o		Consumer checking accounts up a net 7.9 percent in California, 8.5 percent in North Carolina and 12.0 percent in Florida

•

Record solutions in first quarter 2011

o

Western footprint including converted Wachovia

	—		Record core product solutions (sales) of 8.93 million, up 16 percent from prior year on a comparable basis
	—		Record core sales per platform banker FTE (active, full-time equivalent) of 7.10 per day, up from 6.70 in prior year on a comparable basis
	—		Sales of Wells Fargo Packages® (a checking account and three other products) up 15 percent from prior year, purchased by 84 percent of new checking account customers

o

Eastern footprint including converted Wachovia

	—		Platform banker FTEs grew by more than 1,700, or 19 percent, from prior year
	—		In the southeastern states, which were on Wells Fargo systems the entire quarter, 79 percent of new checking account customers purchased Wells Fargo Packages

•

Retail bank household cross-sell showed growth for combined company

	o		Retail bank household cross-sell ratio for total combined company of 5.79 products per household, up from 5.60 in first quarter 2010
	o		This ratio reflects the opportunity to earn more business from customers in the East; the cross-sell in the West is 6.21, compared with the cross-sell ratio in the East of 5.22

•

Small Business/Business Banking

o

Wells Fargo, America’s #1 small business lender, made 31,000 loans totaling $3.7 billion in new loan commitments to its small business customers in first quarter 2011, a 27 percent increase in dollars lent from prior year

	o		Store-based business solutions up 31 percent from prior year on a comparable basis (Western footprint including converted Wachovia)
	o		Sales of Wells Fargo Business Services Packages (business checking account and at least three other business products) up 58 percent from prior year, purchased by 70 percent of new business checking account customers (Western footprint including converted Wachovia)
	o		Business Banking household cross-sell of 4.09 products per household (Western footprint including Wells Fargo and Wachovia customers)

•

Online and Mobile Banking

	o		19.4 million combined active online customers
	o		5.5 million combined active mobile customers

Wells Fargo Home Mortgage (Home Mortgage)

•		Home Mortgage applications of $102 billion, compared with $158 billion in prior quarter
•		Home Mortgage application pipeline of $45 billion at quarter end, compared with $73 billion at December 31, 2010
•		Home Mortgage originations of $84 billion, down from $128 billion in prior quarter
•		Owned residential mortgage servicing portfolio of $1.8 trillion

Wholesale Banking provides financial solutions to businesses across the United States with annual sales generally in excess of $20 million and to financial institutions globally. Products & business units include Middle Market Commercial Banking, Government & Institutional Banking, Corporate Banking, Commercial Real Estate, Treasury Management, Wells Fargo Capital Finance, Insurance, International, Real Estate Capital Markets, Commercial Mortgage Servicing, Corporate Trust, Equipment Finance, Investment Banking & Capital Markets, Securities Investment Portfolio, Asset Backed Finance, and Asset Management.

Selected Financial Information

		Quarter ended
		Mar. 31,				Dec. 31,				Mar. 31,
(in millions)		2011				2010				2010
Total revenue		$	5,460				5,840				5,423
Provision for credit losses			134				195				810
Noninterest expense			2,800				2,992				2,685
Segment net income			1,652				1,690				1,237
(in billions)
Average loans			234.7				229.6				237.0
Average assets			399.6				384.4				369.5
Average core deposits			184.8				185.1				161.6

Wholesale Banking reported net income of $1.7 billion, up $415 million, or 34 percent, from first quarter 2010 and down $38 million, or 2 percent, from prior quarter. Revenue increased $37 million, or 1 percent, from prior year driven by growth in net interest income due to stronger earnings assets, solid deposit growth and higher loan portfolio yields. Noninterest income declined from first quarter 2010 as growth in investment banking and capital markets, corporate banking, foreign exchange and real estate capital markets was more than offset by reduced levels of PCI portfolio recoveries, crop insurance gains and trading portfolio income. Revenue decreased $380 million, or 7 percent, from the prior quarter as strong loan growth in commercial banking and international was more than offset by lower PCI-related recoveries and other gains. Noninterest expense increased $115 million, or 4 percent, from prior year related to higher personnel expenses and decreased $192 million from prior quarter related to lower litigation expense. Total provision for credit losses of $134 million declined $676 million, or 83 percent, from first quarter 2010. The decrease included a $150 million allowance release in the first quarter along with a $526 million improvement in credit losses.

•		Linked-quarter average loan growth in many portfolios including commercial banking, international, commercial real estate, asset-backed finance, government banking and corporate banking driven by both utilization increases and new customer activity
•		Strong year-over-year average core deposit growth of 14 percent
•		Continued improvement in nonperforming assets and loan losses
•		Investment Banking revenue from corporate and commercial customers increased 68 percent from first quarter 2010 due to attractive capital markets conditions and continued momentum in cross selling investment banking products and services to wholesale customer base
•		42 percent of Wells Fargo Advantage Funds® rated 4 or 5 stars by Morningstar versus industry average of 32.5 percent

•

Within Treasury Management, the CEO Mobile® service continued to process an increasing volume of wires for Wells Fargo corporate, commercial and institutional customers. Through first quarter 2011, $5.4 billion has been processed in the past two years.

Wealth, Brokerage and Retirement provides a full range of financial advisory services to clients using a comprehensive planning approach to meet each client’s needs. Wealth Management provides affluent and high net worth clients with a complete range of wealth management solutions including financial planning, private banking, credit, investment management and trust. Family Wealth meets the unique needs of the ultra high net worth customers. Retail Brokerage’s financial advisors serve customers’ advisory, brokerage and financial needs as part of one of the largest full-service brokerage firms in the U.S. Retirement provides retirement services for individual investors and is a national leader in 401(k) and pension record keeping.

Selected Financial Information

		Quarter ended
		Mar. 31,				Dec. 31,				Mar. 31,
(in millions)		2011				2010				2010
Total revenue		$	3,150				3,041				2,910
Provision for credit losses			41				113				63
Noninterest expense			2,559				2,608				2,390
Segment net income			339				197				282
(in billions)
Average loans			42.7				43.0				43.8
Average assets			146.5				140.2				137.8
Average core deposits			125.4				121.5				121.1

Wealth, Brokerage and Retirement reported net income of $339 million, up $142 million from fourth quarter 2010 and up $57 million from first quarter 2010. Revenue was $3.2 billion, up 4 percent from fourth quarter 2010 driven by asset-based revenues and brokerage securities gains and up 8 percent from first quarter 2010 driven by higher asset-based revenues and net interest income. Total provision for credit losses decreased $72 million from fourth quarter 2010 and $22 million from first quarter 2010. Noninterest expense declined 2 percent from fourth quarter on reduced non-personnel costs but increased 7 percent from first quarter 2010 due to growth in personnel costs, primarily broker commissions driven by higher production levels. Average core deposits increased $4 billion from fourth quarter 2010 and first quarter 2010.

Retail Brokerage

•		Client assets of $1.2 trillion, up 6 percent from prior year
•		Managed account assets increased $45 billion, or 21 percent, from prior year driven by strong net flows and solid market gains
•		Successfully completed the brokerage conversion in January, converting legacy Wells Fargo brokerage customers to the Wells Fargo Advisors common platform, providing greater access to more products and services

Wealth Management

•		Investment management and trust asset-based revenue up 8 percent from prior year
•		Strong deposit growth, with average balances up $1.9 billion, or 4 percent, from prior year

Retirement

•		Institutional retirement plan assets of $244 billion, up $20 billion, or 9 percent, from prior year
•		Institutional retirement sales up 40 percent from prior year
•		IRA assets of $284 billion, up $26 billion, or 10 percent, from prior year

Conference Call

The Company will host a live conference call on Wednesday, April 20, at 6:30 a.m. PDT (9:30 a.m. EDT). To access the call, please dial 866-872-5161 (U.S. and Canada) or 706-643-1962 (international). No password is required. The call is also available online at wellsfargo.com/invest_relations/earnings and
http://event.meetingstream.com/r.htm?e=296339&s=1&k=F045CCDCDDD6B9CB7191D93FDBDD1147.

A replay of the conference call will be available beginning at approximately noon PDT (3 p.m. EDT) on April 20 through Wednesday, April 27. Please dial 800-642-1687 (U.S. and Canada) or 706-645-9291 (international) and enter Conference ID #51667731. The replay will also be available online at wellsfargo.com/invest_relations/earnings.

Cautionary Statement about Forward-Looking Information

In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that this news release contains forward-looking statements about our future financial performance and business. We make forward-looking statements when we use words such as “believe,” “expect,” “anticipate,” “estimate,” “should,” “may,” “can,” “will,” “outlook,” “project,” “appears” or similar expressions. Forward-looking statements in this news release include, among others, statements about: (i) future credit quality and expected or estimated future loan losses in our loan portfolios, and the adequacy of the allowance for loan losses, including our current expectation of future reductions in the allowance for loan losses; (ii) our current estimate of our full year 2011 tax rate; (iii) our estimates regarding our Tier 1 common equity ratio as of March 31, 2011, and December 31, 2010, under proposed Basel III capital regulations; and (iv) the timing of expected integration activities related to the Wachovia merger, as well as other expectations regarding future expenses.

Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. Several factors could cause actual results to differ materially from expectations including: current and future economic and market conditions, including the effects of further declines in housing prices and high unemployment rates; our capital requirements (including under regulatory capital standards as determined and interpreted by applicable regulatory authorities such as the proposed Basel III capital regulations) and our ability to generate capital internally or raise capital on favorable terms; financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses (including the Dodd-Frank Wall Street Reform and Consumer Protection Act); the extent of success in our loan modification efforts, including the effects of regulatory requirements, or changes in regulatory requirements, relating to loan modifications; the amount of mortgage loan repurchase demands that we receive and our ability to satisfy any such demands without having to repurchase loans related thereto or otherwise indemnify or reimburse third parties; negative effects relating to mortgage foreclosures, including changes in our procedures or practices and/or industry standards or practices, regulatory or judicial requirements, penalties or fines, increased servicing and other costs, or delays or moratoriums on foreclosures; our ability to successfully and timely integrate the Wachovia merger and realize the expected cost savings and other benefits, including delays or disruptions in system conversions and higher severance costs; our ability to realize efficiency initiatives to lower expenses when and in the amount expected; recognition of other-than-temporary impairment on securities held in our available-for-sale portfolio; the effect of changes in interest rates on our net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; hedging gains or losses; disruptions in the capital markets and reduced investor demand for mortgage loans; our ability to sell more products to our customers; the effect of the economic recession on the demand for our products and services; the effect of fluctuations in stock market prices on fee income from our brokerage, asset and wealth management businesses; our election to provide support to our mutual funds for structured credit products they may hold; changes in the value of our venture capital investments; changes in our accounting policies or in accounting standards or in how accounting standards are to be applied; changes in our credit ratings and changes in the credit ratings of our customers or counterparties; mergers and acquisitions; federal and state regulations; reputational damage from negative publicity, fines, penalties and other negative consequences from regulatory violations; the loss of checking and saving account deposits to other investments such as the stock market; and fiscal and monetary policies of the Federal Reserve Board. There is no assurance that our allowance for credit losses will be adequate to cover future credit losses, especially if credit markets, housing prices, and unemployment do not improve. Increases in loan charge-offs or in the allowance for credit losses and related provision expense could materially adversely affect our financial results and condition. For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2010, including the discussion under “Risk Factors” in that report, as filed with the SEC and available on the SEC’s website at www.sec.gov. Any factor described above or in our SEC reports could, by itself or together with one or more other factors, adversely affect our financial results and condition.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

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Wells Fargo & Company and Subsidiaries
QUARTERLY FINANCIAL DATA
TABLE OF CONTENTS

		Pages
Summary Information
Summary Financial Data			18-19
Income
Consolidated Statement of Income			20-21
Average Balances, Yields and Rates Paid			22
Noninterest Income and Noninterest Expense			23-24
Balance Sheet
Consolidated Balance Sheet			25-26
Average Balances			27
Loans
Loans			28
Nonaccrual Loans and Other Nonperforming Assets			28
Loans 90 Days or More Past Due and Still Accruing			29
Purchased Credit-Impaired Loans			30-32
Pick-A-Pay Portfolio			33
Non-Strategic and Liquidating Loan Portfolios			34
Home Equity Portfolios			34
Allowance for Credit Losses			35
Equity
Condensed Consolidated Statement of Changes in Total Equity			36
Tier 1 Common Equity			37
Operating Segments
Operating Segment Results			38
Other
Mortgage Servicing and other related data			39-41

Wells Fargo & Company and Subsidiaries

														% Change
		Quarter ended												Mar. 31, 2011 from
		Mar. 31,				Dec. 31,				Mar. 31,				Dec. 31,				Mar. 31,
($ in millions, except per share amounts)		2011				2010				2010				2010					2010
For the Period
Wells Fargo net income		$	3,759				3,414				2,547				10	%			48
Wells Fargo net income applicable to common stock			3,570				3,232				2,372				10				51
Diluted earnings per common share			0.67				0.61				0.45				10				49
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)			1.23	%			1.09				0.84				13				46
Wells Fargo net income applicable to common stock to average
Wells Fargo common stockholders’ equity (ROE)			11.98				10.95				8.96				9				34
Efficiency ratio (1)			62.6				62.1				56.5				1				11
Total revenue		$	20,329				21,494				21,448				(5	)			(5	)
Pre-tax pre-provision profit (PTPP) (2)			7,596				8,154				9,331				(7	)			(19	)
Dividends declared per common share			0.12				0.05				0.05				140				140
Average common shares outstanding			5,278.8				5,256.2				5,190.4				-				2
Diluted average common shares outstanding			5,333.1				5,293.8				5,225.2				1				2
Average loans		$	754,077				753,675				797,389				-				(5	)
Average assets			1,241,176				1,237,037				1,226,120				-				1
Average core deposits (3)			796,826				794,799				759,169				-				5
Average retail core deposits (4)			584,100				573,843				573,653				2				2
Net interest margin			4.05	%			4.16				4.27				(3	)			(5	)
At Period End
Securities available for sale		$	167,906				172,654				162,487				(3	)			3
Loans			751,155				757,267				781,430				(1	)			(4	)
Allowance for loan losses			21,983				23,022				25,123				(5	)			(12	)
Goodwill			24,777				24,770				24,819				-				-
Assets			1,244,666				1,258,128				1,223,630				(1	)			2
Core deposits (3)			795,038				798,192				756,050				-				5
Wells Fargo stockholders’ equity			133,471				126,408				116,142				6				15
Total equity			134,943				127,889				118,154				6				14
Capital ratios:
Total equity to assets			10.84	%			10.16				9.66				7				12
Risk-based capital (5):
Tier 1 capital			11.50				11.16				9.93				3				16
Total capital			15.29				15.01				13.90				2				10
Tier 1 leverage (5)			9.27				9.19				8.34				1				11
Tier 1 common equity (6)			8.92				8.30				7.09				7				26
Book value per common share		$	23.18				22.49				20.76				3				12
Team members (active, full-time equivalent)			270,200				272,200				267,400				(1	)			1
Common stock price:
High		$	34.25				31.61				31.99				8				7
Low			29.82				23.37				26.37				28				13
Period end			31.71				30.99				31.12				2				2

(1)		The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)		Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(3)		Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).
(4)		Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5)		The March 31, 2011, ratios are preliminary.
(6)		See the “Five Quarter Tier 1 Common Equity” table for additional information.

Wells Fargo & Company and Subsidiaries

		Quarter ended
		Mar. 31,				Dec. 31,				Sept. 30,				June 30,				Mar. 31,
($ in millions, except per share amounts)		2011				2010				2010				2010					2010
For the Quarter
Wells Fargo net income		$	3,759				3,414				3,339				3,062				2,547
Wells Fargo net income applicable to common stock			3,570				3,232				3,150				2,878				2,372
Diluted earnings per common share			0.67				0.61				0.60				0.55				0.45
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)			1.23	%			1.09				1.09				1.00				0.84
Wells Fargo net income applicable to common stock to average
Wells Fargo common stockholders’ equity (ROE)			11.98				10.95				10.90				10.40				8.96
Efficiency ratio (1)			62.6				62.1				58.7				59.6				56.5
Total revenue		$	20,329				21,494				20,874				21,394				21,448
Pre-tax pre-provision profit (PTPP) (2)			7,596				8,154				8,621				8,648				9,331
Dividends declared per common share			0.12				0.05				0.05				0.05				0.05
Average common shares outstanding			5,278.8				5,256.2				5,240.1				5,219.7				5,190.4
Diluted average common shares outstanding			5,333.1				5,293.8				5,273.2				5,260.8				5,225.2
Average loans		$	754,077				753,675				759,483				772,460				797,389
Average assets			1,241,176				1,237,037				1,220,368				1,224,180				1,226,120
Average core deposits (3)			796,826				794,799				771,957				761,767				759,169
Average retail core deposits (4)			584,100				573,843				571,062				574,436				573,653
Net interest margin			4.05	%			4.16				4.25				4.38				4.27
At Quarter End
Securities available for sale		$	167,906				172,654				176,875				157,927				162,487
Loans			751,155				757,267				753,664				766,265				781,430
Allowance for loan losses			21,983				23,022				23,939				24,584				25,123
Goodwill			24,777				24,770				24,831				24,820				24,819
Assets			1,244,666				1,258,128				1,220,784				1,225,862				1,223,630
Core deposits (3)			795,038				798,192				771,792				758,680				756,050
Wells Fargo stockholders’ equity			133,471				126,408				123,658				119,772				116,142
Total equity			134,943				127,889				125,165				121,398				118,154
Capital ratios:
Total equity to assets			10.84	%			10.16				10.25				9.90				9.66
Risk-based capital (5):
Tier 1 capital			11.50				11.16				10.90				10.51				9.93
Total capital			15.29				15.01				14.88				14.53				13.90
Tier 1 leverage (5)			9.27				9.19				9.01				8.66				8.34
Tier 1 common equity (6)			8.92				8.30				8.01				7.61				7.09
Book value per common share		$	23.18				22.49				22.04				21.35				20.76
Team members (active, full-time equivalent)			270,200				272,200				266,900				267,600				267,400
Common stock price:
High		$	34.25				31.61				28.77				34.25				31.99
Low			29.82				23.37				23.02				25.52				26.37
Period end			31.71				30.99				25.12				25.60				31.12

(1)		The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).
(2)		Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.
(3)		Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).
(4)		Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.
(5)		The March 31, 2011, ratios are preliminary.
(6)		See the “Five Quarter Tier 1 Common Equity” table for additional information.

Wells Fargo & Company and Subsidiaries

		Quarter ended March 31,								%
(in millions, except per share amounts)		2011				2010				Change
Interest income
Trading assets		$	350				267				31		%
Securities available for sale			2,164				2,415				(10	)
Mortgages held for sale			437				387				13
Loans held for sale			12				34				(65	)
Loans			9,387				10,038				(6	)
Other interest income			122				84				45
Total interest income			12,472				13,225				(6	)
Interest expense
Deposits			615				735				(16	)
Short-term borrowings			26				18				44
Long-term debt			1,104				1,276				(13	)
Other interest expense			76				49				55
Total interest expense			1,821				2,078				(12	)
Net interest income			10,651				11,147				(4	)
Provision for credit losses			2,210				5,330				(59	)
Net interest income after provision for credit losses			8,441				5,817				45
Noninterest income
Service charges on deposit accounts			1,012				1,332				(24	)
Trust and investment fees			2,916				2,669				9
Card fees			957				865				11
Other fees			989				941				5
Mortgage banking			2,016				2,470				(18	)
Insurance			503				621				(19	)
Net gains from trading activities			612				537				14
Net gains (losses) on debt securities available for sale			(166	)			28			NM
Net gains from equity investments			353				43				721
Operating leases			77				185				(58	)
Other			409				610				(33	)
Total noninterest income			9,678				10,301				(6	)
Noninterest expense
Salaries			3,454				3,314				4
Commission and incentive compensation			2,347				1,992				18
Employee benefits			1,392				1,322				5
Equipment			632				678				(7	)
Net occupancy			752				796				(6	)
Core deposit and other intangibles			483				549				(12	)
FDIC and other deposit assessments			305				301				1
Other			3,368				3,165				6
Total noninterest expense			12,733				12,117				5
Income before income tax expense			5,386				4,001				35
Income tax expense			1,572				1,401				12
Net income before noncontrolling interests			3,814				2,600				47
Less: Net income from noncontrolling interests			55				53				4
Wells Fargo net income		$	3,759				2,547				48
Less: Preferred stock dividends and other			189				175				8
Wells Fargo net income applicable to common stock		$	3,570				2,372				51
Per share information
Earnings per common share		$	0.68				0.46				48
Diluted earnings per common share			0.67				0.45				49
Dividends declared per common share			0.12				0.05				140
Average common shares outstanding			5,278.8				5,190.4				2
Diluted average common shares outstanding			5,333.1				5,225.2				2