Wells Fargo & Company
Industry: Money Center Banks

Wells Fargo is a $312 billion diversified financial services company providing banking, investments, insurance, mortgage, and consumer finance from more than 5,400 stores, the internet (wellsfargo.com) and other distribution channels across North America and elsewhere internationally.

Business Summary
Wells Fargo & Company is a financial services company, which is registered as a bank holding and financial holding company. It engages in banking and a variety of related financial services businesses. Retail, commercial and corporate banking services are provided through banking stores in the United States. Other financial services include wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, mortgage-backed securities servicing and venture capital investment. The Company has three operating segments: Community Banking, Wholesale Banking and Wells Fargo Financial. In February 2004, Wells Fargo & Company completed the consolidation of 19 of its national bank charters into Wells Fargo Bank National Association.

Financial Summary
For the nine months ended 30 September 2005, Wells Fargo & Company's interest income rose 22% to $18.71B. Net interest income after loan loss provision rose 5% to $11.99B. Interest income reflects a significant increase in home mortgage revenues. Net interest income was partially offset by a significant increase in short term borrowings, deposits, long-term debt, higher interest expense and decreased operating lease income.