Wells Fargo Names John Shrewsberry Head of U.S. Corporate Banking

SAN FRANCISCO--(Business Wire)--
Wells Fargo & Company (NYSE:WFC) today announced that John R.
Shrewsberry, head of the company's Securities Investment Group, also
will lead U.S. Corporate Banking, a rapidly growing division that
serves corporate customers with revenues greater than $500 million.

Since 2006, Shrewsberry has been responsible for Wells Fargo's
proprietary portfolio of fixed-income investments -- including
corporate, high-yield, municipal, and asset-backed securities -- and
Wells Fargo Financial Products, the company's derivative sales and
trading division.

"Under John's leadership, the Securities Investment Group has
produced strong growth of assets, revenues, and profits during unusual
market volatility the last two years," said Timothy J. Sloan, group
head of Commercial Banking, Real Estate and Specialized Financial
Services for Wells Fargo. "Our U.S. Corporate Banking team also took
advantage of market disruptions to post back-to-back record years."

"We are increasing our commitment to existing customers in the
large corporate market when customers need it most," said Shrewsberry,
who is based in San Francisco. "Our relationship model of providing
capital, service, and superior products is being very well received."

Shrewsberry joined Wells Fargo in 2001, when the firm he founded,
American Commercial Capital, was acquired by Wells Fargo. Earlier in
his career, he served as a vice president in the fixed-income division
at Goldman Sachs and in the principal finance and mortgage finance
business lines at Credit Suisse First Boston. Shrewsberry holds an MBA
from the Yale School of Management.

The U.S. Corporate Banking group is responsible for relationships
with corporate customers whose annual revenues exceed $500 million. In
addition to its nine regional offices, U.S. Corporate Banking has
three specialized divisions:

-- Financial Institutions, responsible for relationships with
national and regional non-bank financial service providers,
primarily insurance companies, broker/dealers, asset managers,
finance companies, and payment processors.

-- Title and Escrow Banking Services, responsible for
relationships with title insurance and escrow companies
nationwide

-- Utilities and Power, responsible for relationships with
electric and gas utilities nationwide.

Wells Fargo & Company is a diversified financial services company
with $609 billion in assets, providing banking, insurance,
investments, mortgage and consumer finance through almost 6,000 stores
and the internet (wellsfargo.com) across North America and
internationally. Wells Fargo Bank, N.A. is the only bank in the U.S.,
and one of only two banks worldwide, to have the highest possible
credit rating from Moody's Investors Service, "Aaa," and Standard &
Poor's Ratings Services, "AAA."

Wells Fargo & Company
Richele Messick, 651-246-8311 (Media)

Copyright Business Wire 2008