Exhibit 99.1

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

Tuesday, July 19, 2011

•

Strong financial results:

	–		Record Wells Fargo net income of $3.9 billion, up 29 percent from prior year, up 5 percent from prior quarter
	–		Record diluted earnings per common share of $0.70, up 27 percent from prior year, up 4 percent from prior quarter
	–		Pre-tax pre-provision profit (PTPP)1 of $7.9 billion, up 4 percent from prior quarter
	–		Return on average assets of 1.27 percent, highest in 3 years
	–		Revenue of $20.4 billion, up from $20.3 billion in prior quarter
	–		Noninterest expense down $258 million from prior quarter
	–		Average checking and savings deposits up 9 percent from prior year; consumer checking accounts up a net 7.0 percent from June 30, 2010
	–		Total loans of $751.9 billion at June 30, 2011, up $766 million from March 31, 2011; core loan portfolios up $5.8 billion from March 31, 20112

•

Improved capital position:

	–		Capital ratios increased, with Tier 1 common equity ratio of 9.2 percent under Basel I at June 30, 2011; under current Basel III capital proposals, Tier 1 common equity ratio estimated at 7.4 percent3
	–		Redeemed $3.4 billion of trust preferred securities
	–		Re-started open market common stock repurchase program; purchased 35 million shares in second quarter 2011

•

Improved credit quality:

	–		Net loan charge-offs declined to $2.8 billion, down $372 million from prior quarter; down $1.7 billion from prior year
	–		Nonperforming assets declined to $27.9 billion, down $2.6 billion from prior quarter; down $4.9 billion from prior year

¹ See footnote (2) on page 15 for more information on pre-tax, pre-provision profit.

² See table on page 4 for more information on core and non-strategic/liquidating loan portfolios.

³ See tables on page 36 for more information on Tier 1 common equity.

- 2 -

–

Reserve release1 of $1.0 billion (pre tax) reflected improved portfolio performance

•

Converted Wachovia banking stores in Pennsylvania and Florida; remaining Eastern banking markets scheduled to convert by year end; 83 percent of banking customers company-wide on a single system

Selected Financial Information

 

the increased revenue in the quarter, reflecting the stability in loan balances and overall strength of our diversified sources of fee income,” said Chief Financial Officer Tim Sloan.

Net Interest Income
Net interest income was $10.7 billion, up $27 million from first quarter 2011. Average earning assets increased $10 billion from first quarter 2011, driven by growth in short-term investments and high-quality shorter-duration available for sale securities. Excluding the planned runoff of non-strategic/liquidating portfolios¹, average loan balances increased from the prior quarter. Continued success in generating low-cost deposits enabled the Company to grow assets while reducing long-term debt, including the redemption of higher-yielding trust preferred securities. Lower cost funding was the primary driver of the increase in net interest income on a linked-quarter basis. Higher short-term investment balances contributed to the slight margin decline from 4.05 percent in first quarter 2011 to 4.01 percent in second quarter.

Noninterest Income
Noninterest income was $9.7 billion, up $30 million from first quarter 2011. On a linked-quarter basis, deposit service charges increased 6 percent due to seasonal increases in customer spending and customer account growth. Card fees were up 5 percent from first quarter 2011 on higher debit and credit card spending volumes and new customer account growth. Insurance fees increased 13 percent linked quarter primarily due to seasonally higher crop insurance sales. Gains on trading assets were down due to softer equity and fixed income market conditions but were more than offset by higher gains from equity investments. “Second quarter performance was notable for the diversity of sources of growth and the resilience of non-mortgage banking fee income, up $427 million from first quarter to our highest level since the merger with Wachovia,” said Sloan.

Mortgage banking noninterest income was $1.6 billion, down $397 million from first quarter 2011 on $64 billion of originations compared with $84 billion of originations in first quarter. Mortgage banking noninterest income in second quarter included a $242 million provision for mortgage loan repurchase losses compared with $249 million in first quarter (included in net gains from mortgage loan origination/sales activities). Net mortgage servicing rights (MSRs) results were a $374 million gain compared with a $379 million gain in first quarter 2011. The ratio of MSRs to related loans serviced for others was 87 basis points and the average note rate on the servicing portfolio was 5.26 percent, compared with an average 4.51 percent published rate in the Freddie Mac Primary Mortgage Market Survey at quarter end. The unclosed pipeline at June 30, 2011, was $51 billion compared with $45 billion at March 31, 2011.

The Company had net unrealized securities gains of $9.3 billion at June 30, 2011, up $397 million from first quarter 2011. Period-end securities available for sale balances were up $18.4 billion, reflecting increased investment activity in second quarter.

¹ Non-strategic/liquidating portfolios include Pick-a-Pay, liquidating home equity, legacy Wells Fargo Financial indirect auto and debt consolidation, education finance government loans and other PCI loans.

Noninterest Expense
Noninterest expense was $12.5 billion, down $258 million from first quarter 2011. Second quarter expenses included $484 million of merger integration costs (up from $440 million in first quarter 2011 on increased integration activity in second quarter), and $428 million of operating losses (down from $472 million in first quarter 2011), substantially all for litigation accruals for mortgage foreclosure-related matters. “Merger costs remained within expectations and we are beginning to see positive results from our expense management initiatives,” said Sloan. “While we are still in the early stages of this effort, we expect meaningful cost savings over time, and are targeting $11 billion of noninterest expense for fourth quarter 2012¹.”

Loans
Total loans were $751.9 billion at June 30, 2011, up $766 million from $751.2 billion at March 31, 2011. Increased balances in many commercial loan portfolios more than offset the continued planned reduction in the non-strategic/liquidating portfolios, which declined $5.1 billion in the quarter compared with a $6.5 billion decline in first quarter 2011. Many portfolios had double-digit linked quarter annualized growth in average loan balances, including asset-backed finance, capital finance, commercial banking, commercial real estate, government banking, insurance, international, and real estate capital markets.

		June 30, 2011												March 31, 2011
(in millions)		Core				Liquidating (1)				Total				Core				Liquidating (1)				Total
Commercial		$	323,673				7,016				330,689				315,715				7,507				323,222
Consumer			306,495				114,737				421,232				308,619				119,314				427,933
Total loans		$	630,168				121,753				751,921				624,334				126,821				751,155
Change from prior quarter:		$	5,834				(5,068	)			766				371				(6,483	)			(6,112	)

(1)

See table on page 32 for additional information on non-strategic/liquidating loan portfolios. Management believes that the above information provides useful disclosure regarding the Company’s ongoing loan portfolios.

Deposits
Average core deposits were $807.5 billion, up 6 percent from a year ago and up 5 percent (annualized) from first quarter 2011. Consumer checking accounts grew a net 7.0 percent from June 30, 2010. Average core checking and savings deposits were $735.4 billion, up 9 percent from a year ago and up 7 percent (annualized) from first quarter 2011. Average mortgage escrow deposits were $23.9 billion compared with $25.7 billion a year ago and $27.9 billion in first quarter 2011. Average checking and savings deposits were 91 percent of average core deposits, up from 88 percent a year ago. The average deposit cost for second quarter 2011 was 28 basis points compared with 30 basis points in first quarter 2011. Average core deposits were 107 percent of average loans.

¹ See 2Q11 quarterly supplement for additional information regarding noninterest expense and the Company’s targeted noninterest expense for 4Q12.

Capital
Capital increased in the second quarter, with Tier 1 common equity reaching 9.2 percent. Under current Basel III proposals, the Tier 1 common equity ratio was an estimated 7.4 percent. The Company redeemed $3.4 billion of trust preferred securities, repurchased 35 million shares of its common stock and paid a quarterly common stock dividend of $0.12 per share.

		June 30,				Mar. 31,				June 30,
(as a percent of total risk-weighted assets)		2011				2011				2010
Ratios under Basel I (1):
Tier 1 common equity (2)			9.2	%			8.9				7.6
Tier 1 capital			11.7				11.5				10.5
Tier 1 leverage			9.4				9.3				8.7

(1)		June 30, 2011, ratios are preliminary.
(2)		See table on page 36 for more information on Tier 1 common equity.

Credit Quality
“Credit quality continued to improve in the second quarter, our sixth consecutive quarter of declining loan losses and the third consecutive quarter of lower nonperforming assets,” said Mike Loughlin, Chief Risk Officer. Second quarter net charge-offs were $2.8 billion, or 1.52 percent (annualized) of average loans, down $372 million from first quarter net charge-offs of $3.2 billion (1.73 percent). The decline in net charge-offs was driven by lower losses in virtually every loan category and delinquency trends continued to show improvement. 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.

Net Loan Charge-Offs

		Quarter ended
		June 30, 2011								March 31, 2011								December 31, 2010
						As a								As a								As a
		Net loan				% of				Net loan				% of				Net loan				% of
		charge-				average				charge-				average				charge-				average
($ in millions)		offs				loans (1)				offs				loans (1)				offs				loans (1)
Commercial:
Commercial and industrial		$	254				0.66	%		$	354				0.96	%		$	500				1.34	%
Real estate mortgage			128				0.50				152				0.62				234				0.94
Real estate construction			72				1.32				83				1.38				171				2.51
Lease financing			1				0.01				6				0.18				21				0.61
Foreign			47				0.52				28				0.34				28				0.36
Total commercial			502				0.62				623				0.79				954				1.19
Consumer:
Real estate 1-4 family first mortgage			909				1.62				904				1.60				1,024				1.77
Real estate 1-4 family junior lien mortgage			909				3.97				994				4.25				1,005				4.08
Credit card			294				5.63				382				7.21				452				8.21
Other revolving credit and installment			224				1.03				307				1.42				404				1.84
Total consumer			2,336				2.21				2,587				2.42				2,885				2.63
Total		$	2,838				1.52	%		$	3,210				1.73	%		$	3,839				2.02	%

     

(1)

Quarterly net charge-offs as a percentage of average loans are annualized. See explanation on page 28 of the accounting for purchased credit-impaired (PCI) loans from Wachovia and the impact on selected financial ratios.

Nonperforming Assets

Nonperforming assets ended the quarter at $27.9 billion, down 8 percent from $30.5 billion in the first quarter. Nonaccrual loans declined to $23.0 billion from $25.0 billion in the first quarter, with reductions across all major loan portfolios. Foreclosed assets decreased 12 percent to $4.9 billion, the third consecutive quarterly decline despite extended foreclosure timelines in many states. A significant portion of the reduction in commercial nonperforming loans resulted from loans that returned to performing status, loan payoffs and loan sales, reflecting an improved credit landscape and market liquidity. Similarly, the reduction in consumer nonperforming loans was driven in part by an asset sale, increased success in home modifications and increased short sale activity.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

 

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $21.3 billion at June 30, 2011, down from $22.4 billion at March 31, 2011. The allowance coverage to total loans was 2.83 percent compared with 2.98 percent in the prior quarter. The allowance covered 1.87 times annualized second quarter net charge-offs compared with 1.72 times in the prior quarter. The allowance coverage to nonaccrual loans was 92 percent at June 30, 2011, compared with 90 percent at March 31, 2011. “We believe the allowance was adequate for losses inherent in the loan portfolio at June 30, 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:

		Quarter ended
		June 30,				Mar. 31,				June 30,
(in millions)		2011				2011				2010
Community Banking		$	2,087				2,175				1,716
Wholesale Banking			1,931				1,652				1,462
Wealth, Brokerage and Retirement			333				339				270

More financial information about the business segments is on pages 37 and 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

		Quarter ended
		June 30,				Mar. 31,				June 30,
(in millions)		2011				2011				2010
Total revenue		$	12,567				12,637				13,606
Provision for credit losses			1,927				2,065				3,348
Noninterest expense			7,418				7,605				7,678
Segment net income			2,087				2,175				1,716
(in billions)
Average loans			498.2				509.8				534.3
Average assets			752.5				759.9				771.3
Average core deposits			552.0				548.1				532.6

Community Banking reported net income of $2.1 billion, down $88 million, or 4 percent, from prior quarter and up $371 million, or 22 percent, from second quarter 2010. Revenue decreased $70 million from first quarter 2011 driven primarily by a decline in mortgage banking income from lower originations and continued expected reductions in the home equity loan portfolio, offset by gains on equity investments and lower deposit costs. Revenue decreased $1.0 billion, or 8 percent, from second quarter 2010 largely due to

lower mortgage banking income, lower deposit service charges as a result of Regulation E and the expected reduction in the liquidating loan portfolios, partially offset by the impact of a robust used car market on the indirect auto portfolio, strong debit card growth and equity gains. Noninterest expense decreased $187 million, or 2 percent, from first quarter 2011, reflecting improved credit costs, as well as lower software license and other equipment expense. Noninterest expense decreased $260 million, or 3 percent, from second quarter 2010 due to reduced personnel costs, a decrease in software license expense and lower operating losses. The provision for credit losses decreased $138 million from first quarter 2011 and $1.4 billion from second quarter 2010. The decline was due to a $288 million decrease in net loan charge-offs from first quarter 2011, a $1.1 billion decrease from second quarter 2010, as well as a $700 million reserve release in second quarter 2011, compared with a release of $850 million and $389 million in first quarter 2011 and second quarter 2010, respectively.

Regional Banking Highlights

•

Strong growth in checking accounts from June 30, 2010 (combined Regional Banking)

	–		Consumer checking accounts up a net 7.0 percent
	–		Business checking accounts up a net 4.5 percent
	–		Consumer checking accounts up a net 7.9 percent in California, 9.2 percent in New Jersey, 9.5 percent in North Carolina and 11.1 percent in Florida

•

Strong solutions in second quarter 2011

–

West

	o		Core product solutions (sales) of 8.33 million, up 16 percent from prior year
	o		Sales of Wells Fargo Packages® (a checking account and three other products) up 19 percent from prior year, purchased by 85 percent of new checking account customers

–

East

	o		Eastern core product solutions grew by double-digits from prior year
	o		For eastern states on Wells Fargo systems the entire quarter, 81 percent of new checking account customers purchased Wells Fargo Packages
	o		Platform banker full-time equivalents grew by nearly 1,500, or 16 percent, from prior year

•		Retail bank household cross-sell ratio for combined company of 5.84 products per household, up from 5.64 in second quarter 2010; cross-sell in the West of 6.25, compared with 5.29 in the East, represents the opportunity to earn more business from customers in the East
•		Small Business/Business Banking

	–		Named U.S. Small Business Administration’s 2011 SBA 7(a) Large Lender of the Year
	–		Record store-based business solutions up 8 percent from prior year (West)
	–		Sales of Wells Fargo Business Services Packages (business checking account and at least three other business products) up 23 percent from prior year, purchased by 70 percent of new business checking account customers (West)
	–		Business Banking household cross-sell of 4.17 products per household (West)

–

Wells Fargo, America’s #1 small business lender, made $7.5 billion in new loan commitments to its small business customers in the first half of 2011, a 13 percent increase in dollars lent from first half of 2010

•

Online and Mobile Banking

	–		19.3 million combined active online customers (as of May 31, 2011)
	–		6.0 million combined active mobile customers (as of May 31, 2011)

Wells Fargo Home Mortgage (Home Mortgage)

•		Home Mortgage applications of $109 billion, compared with $102 billion in prior quarter, driven in part by lower average rates in the quarter
•		Home Mortgage application pipeline of $51 billion at quarter end, compared with $45 billion at March 31, 2011
•		Home Mortgage originations of $64 billion, down from $84 billion in prior quarter
•		Residential mortgage servicing portfolio of $1.8 trillion
•		As of June 30, 2011, approximately 695,000 active trial or completed loan modifications had been initiated since the beginning of 2009; of this total, 85 percent were through Wells Fargo’s own modification programs and the rest were through the federal government’s Home Affordable Modification Program (HAMP)

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, 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
		June 30,				Mar. 31,				June 30,
(in millions)		2011				2011				2010
Total revenue		$	5,631				5,460				5,774
Provision (reversal of provision) for credit losses			(97	)			134				635
Noninterest expense			2,766				2,800				2,873
Segment net income			1,931				1,652				1,462
(in billions)
Average loans			243.1				234.7				228.2
Average assets			415.7				399.6				369.5
Average core deposits			190.6				184.8				162.3

Wholesale Banking reported net income of $1.9 billion, up $279 million, or 17 percent, from first quarter 2011 and up $469 million, or 32 percent, from second quarter 2010. Revenue increased $171 million, or 3 percent, from the prior quarter as strong loan and revenue growth across most lending businesses, solid investment banking results, seasonally higher insurance fees and higher PCI-related resolutions more than offset weakness in sales and trading and lower equity fund gains. Revenue decreased $143 million, or

2 percent, from prior year as strong growth across core businesses, including loan and deposit growth, was more than offset by lower PCI-related resolutions and other gains. Noninterest expense decreased $34 million, or 1 percent, from prior quarter related to lower personnel expense and decreased $107 million, or 4 percent, from prior year related to lower litigation and foreclosed asset expenses. The provision for credit losses declined $732 million from second quarter 2010, and included a $300 million reserve release this quarter compared with a $111 million reserve release a year ago along with a $543 million improvement in net credit losses.

•		Linked quarter average loan growth in many portfolios, including asset-backed finance, commercial banking, commercial real estate, corporate banking, government banking, international, real estate capital markets, and capital finance, driven primarily by new customer activity
•		Continued improvement in nonperforming assets
•		Average core deposits up 17 percent from prior year, reflecting continued strong customer liquidity
•		U.S. investment banking market share year to date 2011 of 4.7 percent, up from 4.2 percent for full year 2010 (source: Dealogic fee-based league tables)
•		Wells Fargo named Best Trade Bank in the USA by Trade Finance

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
		June 30,				Mar. 31,				June 30,
(in millions)		2011				2011				2010
Total revenue		$	3,086				3,150				2,867
Provision for credit losses			61				41				81
Noninterest expense			2,487				2,559				2,350
Segment net income			333				339				270
(in billions)
Average loans			43.5				42.7				42.6
Average assets			147.7				146.5				141.0
Average core deposits			126.0				125.4				121.5

Wealth, Brokerage and Retirement reported net income of $333 million, down $6 million from first quarter 2011 and up $63 million from second quarter 2010. Revenue was $3.1 billion, down 2 percent from first quarter 2011 due to lower brokerage transaction revenue and up 8 percent from second quarter 2010 driven by higher asset-based revenues and higher securities gains in the brokerage business. The provision for credit losses increased $20 million from first quarter 2011 and decreased $20 million from second quarter 2010. Noninterest expense declined 3 percent from first quarter on reduced personnel costs and increased 6 percent from second quarter 2010 due to growth in personnel costs, primarily broker commissions driven

by higher production levels. Average core deposits increased $600 million from first quarter 2011 and $4.5 billion from second quarter 2010.

Retail Brokerage

•		Client assets of $1.2 trillion, up 12 percent from prior year
•		Managed account assets increased $62 billion, or 31 percent, from prior year driven by strong net flows and solid market gains
•		Strong deposit growth, with average balances up $5 billion, or 6 percent, from prior year
•		Announced sale of H.D. Vest Financial Services

Wealth Management

•		Client assets of $204 billion, up 8 percent from prior year
•		Investment management and trust asset-based revenue up 8 percent from prior year

Retirement

•		Institutional retirement plan assets of $247 billion, up $37 billion, or 18 percent, from prior year
•		IRA assets of $286 billion, up $39 billion, or 16 percent, from prior year

Conference Call

The Company will host a live conference call on Tuesday, July 19, 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://us.meeting-stream.com/wellsfargocompany_072011.

A replay of the conference call will be available beginning at approximately noon PDT (3 p.m. EDT) on July 19 through Tuesday, July 26. Please dial 800-642-1687 (U.S. and Canada) or 706-645-9291 (international) and enter Conference ID #76224090. 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,” “target,” “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 targeted noninterest expense for fourth quarter 2012 as part of our expense management initiatives; (iii) our estimates regarding our Tier 1 common equity ratio under proposed Basel III capital regulations; and (iv) the timing of expected integration activities related to the Wachovia merger.

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 obligations, including loan modification requirements, or delays or moratoriums on foreclosures; our ability to realize our noninterest expense target as part of our expense management initiatives when and in the amount targeted, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters; 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; 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, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2011, including the discussion under “Risk Factors” in each of these reports, 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 $1.3 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 275,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 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			15-16
Income
Consolidated Statement of Income			17-18
Average Balances, Yields and Rates Paid			19-20
Noninterest Income and Noninterest Expense			21-22
Balance Sheet
Consolidated Balance Sheet			23-24
Average Balances			25
Loans
Loans			26
Nonaccrual Loans and Foreclosed Assets			26
Loans 90 Days or More Past Due and Still Accruing			27
Purchased Credit-Impaired Loans			28-30
Pick-A-Pay Portfolio			31
Non-Strategic and Liquidating Loan Portfolios			32
Home Equity Portfolios			32
Allowance for Credit Losses			33-34
Equity
Condensed Consolidated Statement of Changes in Total Equity			35
Tier 1 Common Equity			36
Operating Segments
Operating Segment Results			37-38
Other
Mortgage Servicing and other related data			39-41

 - 15 -

Wells Fargo & Company and Subsidiaries

		Quarter ended June 30,								%				Six months ended June 30,								%
($ in millions, except per share amounts)		2011				2010				Change				2011				2010				Change
For the Period
Wells Fargo net income		$	3,948				3,062				29	%		$	7,707				5,609				37	%
Wells Fargo net income applicable to common stock			3,728				2,878				30				7,298				5,250				39
Diluted earnings per common share			0.70				0.55				27				1.37				1.00				37
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)			1.27	%			1.00				27				1.25				0.92				36
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)			11.92				10.40				15				11.95				9.69				23
Efficiency ratio (1)			61.2				59.6				3				61.9				58.0				7
Total revenue		$	20,386				21,394				(5	)		$	40,715				42,842				(5	)
Pre-tax pre-provision profit (PTPP) (2)			7,911				8,648				(9	)			15,507				17,979				(14	)
Dividends declared per common share			0.12				0.05				140				0.24				0.10				140
Average common shares outstanding			5,286.5				5,219.7				1				5,282.7				5,205.1				1
Diluted average common shares outstanding			5,331.7				5,260.8				1				5,329.9				5,243.0				2
Average loans		$	751,253				772,460				(3	)		$	752,657				784,856				(4	)
Average assets			1,250,945				1,224,180				2				1,246,088				1,225,145				2
Average core deposits (3)			807,483				761,767				6				802,184				760,475				5
Average retail core deposits (4)			592,974				574,436				3				588,561				574,059				3
Net interest margin			4.01	%			4.38				(8	)			4.03				4.33				(7	)
At Period End
Securities available for sale		$	186,298				157,927				18			$	186,298				157,927				18
Loans			751,921				766,265				(2	)			751,921				766,265				(2	)
Allowance for loan losses			20,893				24,584				(15	)			20,893				24,584				(15	)
Goodwill			24,776				24,820				-				24,776				24,820				-
Assets			1,259,734				1,225,862				3				1,259,734				1,225,862				3
Core deposits (3)			808,970				758,680				7				808,970				758,680				7
Wells Fargo stockholders’ equity			136,401				119,772				14				136,401				119,772				14
Total equity			137,916				121,398				14				137,916				121,398				14
Capital ratios:
Total equity to assets			10.95	%			9.90				11				10.95				9.90				11
Risk-based capital (5):
Tier 1 capital			11.70				10.51				11				11.70				10.51				11
Total capital			15.42				14.53				6				15.42				14.53				6
Tier 1 leverage (5)			9.43				8.66				9				9.43				8.66				9
Tier 1 common equity (6)			9.16				7.61				20				9.16				7.61				20
Common shares outstanding			5,278.2				5,231.4				1				5,278.2				5,231.4				1
Book value per common share		$	23.84				21.35				12			$	23.84				21.35				12
Common stock price:
High			32.63				34.25				(5	)			34.25				34.25				-
Low			25.26				25.52				(1	)			25.26				25.52				(1	)
Period end			28.06				25.60				10				28.06				25.60				10
Team members (active, full-time equivalent)			266,600				267,600				-				266,600				267,600				-

(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 June 30, 2011, ratios are preliminary.
(6)		See the “Five Quarter Tier 1 Common Equity” table for additional information.

 - 16 -

Wells Fargo & Company and Subsidiaries
FIVE QUARTER SUMMARY FINANCIAL DATA

		Quarter ended
		June 30,				Mar. 31,				Dec. 31,				Sept. 30,				June 30,
($ in millions, except per share amounts)		2011				2011				2010				2010				2010
For the Quarter
Wells Fargo net income		$	3,948				3,759				3,414				3,339				3,062
Wells Fargo net income applicable to common stock			3,728				3,570				3,232				3,150				2,878
Diluted earnings per common share			0.70				0.67				0.61				0.60				0.55
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)			1.27	%			1.23				1.09				1.09				1.00
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)			11.92				11.98				10.95				10.90				10.40
Efficiency ratio (1)			61.2				62.6				62.1				58.7				59.6
Total revenue		$	20,386				20,329				21,494				20,874				21,394
Pre-tax pre-provision profit (PTPP) (2)			7,911				7,596				8,154				8,621				8,648
Dividends declared per common share			0.12				0.12				0.05				0.05				0.05
Average common shares outstanding			5,286.5				5,278.8				5,256.2				5,240.1				5,219.7
Diluted average common shares outstanding			5,331.7				5,333.1				5,293.8				5,273.2				5,260.8
Average loans		$	751,253				754,077				753,675				759,483				772,460
Average assets			1,250,945				1,241,176				1,237,037				1,220,368				1,224,180
Average core deposits (3)			807,483				796,826				794,799				771,957				761,767
Average retail core deposits (4)			592,974				584,100				573,843				571,062				574,436
Net interest margin			4.01	%			4.05				4.16				4.25				4.38
At Quarter End
Securities available for sale		$	186,298				167,906				172,654				176,875				157,927
Loans			751,921				751,155				757,267				753,664				766,265
Allowance for loan losses			20,893				21,983				23,022				23,939				24,584
Goodwill			24,776				24,777				24,770				24,831				24,820
Assets			1,259,734				1,244,666				1,258,128				1,220,784				1,225,862
Core deposits (3)			808,970				795,038				798,192				771,792				758,680
Wells Fargo stockholders’ equity			136,401				133,471				126,408				123,658				119,772
Total equity			137,916				134,943				127,889				125,165				121,398
Capital ratios:
Total equity to assets			10.95	%			10.84				10.16				10.25				9.90
Risk-based capital (5):
Tier 1 capital			11.70				11.50				11.16				10.90				10.51
Total capital			15.42				15.30				15.01				14.88				14.53
Tier 1 leverage (5)			9.43				9.27				9.19				9.01				8.66
Tier 1 common equity (6)			9.16				8.93				8.30				8.01				7.61
Common shares outstanding			5,278.2				5,300.9				5,262.3				5,244.4				5,231.4
Book value per common share		$	23.84				23.18				22.49				22.04				21.35
Common stock price:
High			32.63				34.25				31.61				28.77				34.25
Low			25.26				29.82				23.37				23.02				25.52
Period end			28.06				31.71				30.99				25.12				25.60
Team members (active, full-time equivalent)			266,600				270,200				272,200				266,900				267,600

(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 June 30, 2011, ratios are preliminary.
(6)		See the “Five Quarter Tier 1 Common Equity” table for additional information.

 - 17 -

		Quarter ended June 30,								%				Six months ended June 30,								%
(in millions, except per share amounts)		2011				2010				Change				2011				2010				Change
Interest income
Trading assets		$	347				266				30	%		$	697				533				31	%
Securities available for sale			2,166				2,385				(9	)			4,330				4,800				(10	)
Mortgages held for sale			362				405				(11	)			799				792				1
Loans held for sale			17				30				(43	)			29				64				(55	)
Loans			9,361				10,277				(9	)			18,748				20,315				(8	)
Other interest income			131				109				20				253				193				31
Total interest income			12,384				13,472				(8	)			24,856				26,697				(7	)
Interest expense
Deposits			594				714				(17	)			1,209				1,449				(17	)
Short-term borrowings			20				21				(5	)			46				39				18
Long-term debt			1,009				1,233				(18	)			2,113				2,509				(16	)
Other interest expense			83				55				51				159				104				53
Total interest expense			1,706				2,023				(16	)			3,527				4,101				(14	)
Net interest income			10,678				11,449				(7	)			21,329				22,596				(6	)
Provision for credit losses			1,838				3,989				(54	)			4,048				9,319				(57	)
Net interest income after provision for credit losses			8,840				7,460				18				17,281				13,277				30
Noninterest income
Service charges on deposit accounts			1,074				1,417				(24	)			2,086				2,749				(24	)
Trust and investment fees			2,944				2,743				7				5,860				5,412				8
Card fees			1,003				911				10				1,960				1,776				10
Other fees			1,023				982				4				2,012				1,923				5
Mortgage banking			1,619				2,011				(19	)			3,635				4,481				(19	)
Insurance			568				544				4				1,071				1,165				(8	)
Net gains from trading activities			414				109				280				1,026				646				59
Net gains (losses) on debt securities available for sale			(128	)			30				NM				(294	)			58				NM
Net gains from equity investments			724				288				151				1,077				331				225
Operating leases			103				329				(69	)			180				514				(65	)
Other			364				581				(37	)			773				1,191				(35	)
Total noninterest income			9,708				9,945				(2	)			19,386				20,246				(4	)
Noninterest expense
Salaries			3,584				3,564				1				7,038				6,878				2
Commission and incentive compensation			2,171				2,225				(2	)			4,518				4,217				7
Employee benefits			1,164				1,063				10				2,556				2,385				7
Equipment			528				588				(10	)			1,160				1,266				(8	)
Net occupancy			749				742				1				1,501				1,538				(2	)
Core deposit and other intangibles			464				553				(16	)			947				1,102				(14	)
FDIC and other deposit assessments			315				295				7				620				596				4
Other			3,500				3,716				(6	)			6,868				6,881				-
Total noninterest expense			12,475				12,746				(2	)			25,208				24,863				1
Income before income tax expense			6,073				4,659				30				11,459				8,660				32
Income tax expense			2,001				1,514				32				3,573				2,915				23
Net income before noncontrolling interests			4,072				3,145				29				7,886				5,745				37
Less: Net income from noncontrolling interests			124				83				49				179				136				32
Wells Fargo net income		$	3,948				3,062				29			$	7,707				5,609				37
Less: Preferred stock dividends and other			220				184								409				359
Wells Fargo net income applicable to common stock		$	3,728				2,878				30			$	7,298				5,250				39
Per share information
Earnings per common share		$	0.70				0.55				27			$	1.38				1.01				37
Diluted earnings per common share			0.70				0.55				27				1.37				1.00				37
Dividends declared per common share			0.12				0.05				140				0.24				0.10				140
Average common shares outstanding			5,286.5				5,219.7				1				5,282.7				5,205.1				1
Diluted average common shares outstanding			5,331.7				5,260.8				1				5,329.9				5,243.0				2