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How We're Working Together with Our Customers to Uncover Their Financial How we’re working together with our customers to uncover their financial needs—and create industry-leading products to serve them better. Troy Ledo, Customer Alicia Moore, Team Member Wells Fargo & Company Annual Report 2007 Wells Fargo & Company (NYSE: WFC) We’re a diversified financial services company providing banking, insurance, investments, mortgage loans and consumer finance. Our corporate headquarters is in San Francisco, but we’re decentralized so all Wells Fargo “convenience points”—stores, regional commercial banking centers, ATMs, Wells Fargo Phone BankSM centers and the internet—are headquarters for satisfying all our customers’ financial needs and helping them succeed financially. Aaa, AAA Wells Fargo Bank, N.A. is the only U.S. bank, and one of only two worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Service, “AAA.” Assets: $575 billion (5th among U.S. peers) Market value of stock: $112 billion (1/31/08) (4th among U.S. peers) Fortune 500: Profit, 19th; Market cap, 19th Team members: 159,800 (U.S.’s 27th-largest private employer) Stores: 6,000 2 To Our Owners 12 Working Together with Our Customers 24 Working Together with Our Communities 31 Board of Directors, Senior Leaders 34 Financial Review 72 Controls and Procedures 74 Financial Statements 129 Report of Independent Registered Public Accounting Firm 132 Stock Performance On the Cover Working Together Customer Troy Ledo of Danville, California, not only has five products with Wells Fargo, but thanks to Alicia Moore of our ATM Banking team, he now deposits his checks faster than ever. Please see page 19. © 2008 Wells Fargo & Company. All rights reserved. Working Together Our customers—like Lisa Kluever (left, and page 12)—expect it of us every day. They say: Take the time to work with me. Understand my complete financial picture. Listen to me. Know me. Give me value. Make it easy for me to access my funds and move my money with one click. Help me manage my finances and wealth with savvy and integrity. Save me time and money. Reward me for giving you more business. From these conversations with our customers, we discover even better ways to satisfy their needs. This is how new products and services are born at Wells Fargo. It doesn’t start with technology in search of a need. It starts with relationships with our customers. It starts with what they need. As a result, we’ve been at the forefront of every major innovation in financial services including internet banking—and we’ve built one of the most extensive and convenient distribution systems in all of financial services. In this annual report, we showcase several of our latest products and services, created by our talented teams, to show you how every new idea we have for serving our customers better…starts by working together with them. To Our Owners Our 2007 results were disappointing. They were not what you, our owners, expect from Wells Fargo. They were not what we expect of ourselves. Our diluted earnings per share of $2.38 declined nine cents from 2006. Two items, in particular, caused this. First, in the fourth quarter Visa Inc., the world’s largest credit the economy. Many categories of debt became significantly and debit card provider, completed its global restructuring and overvalued. Lenders were not being paid enough for credit risk. announced it would be going public, contemplating an initial Credit spreads were at record lows across all asset classes. public offering early in 2008. Wells Fargo owns approximately Aggressive subprime mortgage lenders, many of them unregulated 2.8 percent of Visa. With the concurrence of the U.S. Securities brokers, used “teaser” rates and “negative amortization” loans and Exchange Commission, Wells Fargo recorded a pretax charge (which add to the unpaid balance) to put many people in homes of $203 million, or 4 cents per share, during the year (third and they could not afford. Easy access to cheap money encouraged fourth quarters) for its share of Visa’s anticipated litigation excessive risk taking, highly leveraged transactions and complex expenses. These charges were not expected, but we anticipate pools of mortgage-backed debt obligations (many of which were they will be more than offset as a result of our ownership in the underestimated for risk by some rating agencies). valuable Visa franchise. Second, in the fourth quarter Wells Fargo This foolishness could not go on forever. Something had to recorded a special credit provision of $1.4 billion pretax, or give. Housing prices — inflated by speculation and aggressive 27 cents per share, largely for higher loan losses we expect in our lending — plunged in many parts of the country. Trust and home equity portfolio from indirect channels through which confidence in the mortgage securities market collapsed. Large we’re no longer accepting new business. These two items reduced global and domestic financial services companies took losses our 2007 diluted earnings per share by 31 cents. exceeding $163 billion, writing down mortgage loans, leveraged So, what happened and why did it happen? What did we loan commitments and other assets. A long-overdue upward do right? What did we do wrong? repricing of risk continues into 2008. Despite the pain it has caused For the last several years in our annual reports and other many individuals and organizations, long term it is healthy for investor communications, we’ve been saying to you, our owners, our industry and our economy. Credibility, trust and confidence that the financial credit markets were acting as if there’s little or in pricing for risk are being restored in the credit markets. This no risk to lending money.* “Liquidity” —the amount of money swift retribution is one of the strengths of capitalism. readily available for investing — had reached unprecedented high levels for individuals, corporations and central banks worldwide. * Some things never change! We said 10 years ago in our Norwest Corporation Annual Report, “What’s This led, in part, to careless, undisciplined lending, borrowing, happening? Well, we’re probably nearing the end of this economic cycle. Many banks and finance companies are not pricing for risk. They’re chasing bad loans. They’re relaxing loan covenants beyond prudent levels just investing and overall risk management across many segments of to attract more business. This is irrational. It usually happens near the end of an economic cycle.” 2 Dick Kovacevich, Chairman (right); John Stumpf, President and CEO 3 Our Performance Double-Digit Growth: Revenue, Loans and Deposits $ in millions, except per share amounts 2007 2006 1 % Change FOR THE YEAR Net income $ 8,057 $ 8,420 (4)% Diluted earnings per common share 2.38 2.47 (4) Profitability ratios: Net income to average total assets (ROA) 1.55% 1.73% (10) Net income to average stockholders’ equity (ROE) 17.12 19.52 (12) Efficiency ratio 2 57.9 58.4 (1) Total revenue $ 39,390 $ 35,691 10 Dividends declared per common share 1.18 1.08 9 Average common shares outstanding 3,348.5 3,368.3 (1) Diluted average common shares outstanding 3,382.8 3,410.1 (1) Average loans $344,775 $306,911 12 Average assets 520,752 486,023 7 Average core deposits 3 303,091 268,853 13 Average retail core deposits 4 228,667 215,788 6 Net interest margin 4.74% 4.83% (2) AT YEAR END Securities available for sale $ 72,951 $ 42,629 71 Loans 382,195 319,116 20 Allowance for loan losses 5,307 3,764 41 Goodwill 13,106 11,275 16 Assets 575,442 481,996 19 Core deposits 3 311,731 288,068 8 Stockholders’ equity 47,628 45,814 4 Tier 1 capital 36,674 36,746 — Total capital 51,638 51,365 1 Capital ratios: Stockholders’ equity to assets 8.28% 9.51% (13) Risk-based capital Tier 1 capital 7.59 8.93 (15) Total capital 10.68 12.49 (14) Tier 1 leverage 6.83 7.88 (13) Book value per common share $ 14.45 $ 13.57 6 Team members (active, full-time equivalent) 159,800 158,000 1 1 Revised to reflect $95 million of litigation expenses for indemnification obligations relating to the Company’s ownership in Visa. 2 Noninterest expense divided by total revenue (net interest income and noninterest income). 3 Noninterest-bearing deposits, interest-bearing checking, savings certificates, market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). 4 Total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits. 4 Customer Carlos Garcia and Vanessa Barba, Wells Fargo Card Services (please see p. 14) “In financial services, if you want to be the best in the industry, you first have to be the best in risk management and credit quality. It’s the foundation for every other measure of success…Our company maintained its credit risk discipline reasonably well during the years of excessive risk taking in our industry.” Credit Quality: What We Did Right Our balance sheet strength enables us to take the long view. In financial services, if you want to be the best in the industry, We have minimal ARM interest rate “reset” risk in the loan you first have to be the best in risk management and credit quality. portfolios we own because we underwrote those loans to account It’s the foundation for every other measure of success. There’s for higher interest rate resets. We sell the vast majority of our almost no room for error. For instance, to meet our profit goals mortgage loans to capital market investors. We believe our for lending to commercial businesses, we can be wrong on credit commercial lending portfolio is among the highest quality of throughout an economic cycle only about one-third of one percent any large bank in the nation.
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