Wells Fargo Names Laura Schupbach to Lead Company’s Growing Insurance Business

Company Veteran to Leverage Extensive Internal Corporate Knowledge and Relationships to Enhance Companywide Cross-Sell Efforts

SAN FRANCISCO - August 26, 2011

Wells Fargo & Company (NYSE: WFC) today announced that Laura L. Schupbach, a 16-year veteran of the company, has been named the new head of Insurance Services. Schupbach succeeds David Zuercher, who the company previously announced would retire by the end of the year. Schupbach will be based in Denver, Colorado, where she currently resides.

“Laura has consistently demonstrated tremendous leadership in the various roles she’s held at Wells Fargo, including senior positions in wholesale and community banking,” said David Hoyt, senior executive vice president and head of Wholesale Banking. “Insurance is an important, core product at Wells Fargo, and I look forward to working with Laura and our highly talented insurance team to continue to grow the business and provide valuable products and services to our customers.”

The company named Charlie Roberson, a 21-year veteran of Wells Fargo, to succeed Schupbach as the head of Enterprise Expense Management reporting to CFO Tim Sloan. Roberson will lead the company’s ongoing Project Compass expense management program along with other areas of responsibility.

In her new role, Schupbach will oversee Wells Fargo Insurance Services, the fifth largest insurance brokerage in the world and the largest bank-owned insurance brokerage in the U. S. (Business Insurance, 2011) with more than 200 offices in 37 states. Wells Fargo’s brokerage/agency model now extends to all of its customers segments, providing an integrated choice solution for consumers, wealth clients, small businesses, middle market and corporate clients alike. Wells Fargo also owns the nation’s largest multi-peril crop insurance provider, Rural Community Insurance Services, Inc.

“I’m very excited about the opportunity to take what is already a vibrant insurance platform to the next level of profitable growth,” said Schupbach. “I’m confident that the deep operational experience and strong relationships I’ve built in working across many of Wells Fargo’s businesses will help the talented insurance team better meet the financial needs of our commercial, retail bank and wealth management customers.”

During her career, Schupbach has held various senior level positions throughout Wells Fargo, including head of Enterprise Expense Management, and the head of Finance for the Wholesale Banking Group, the Diversified Products Group (various consumer and small business businesses), and the Western Banking Group (eight Regional Banking States).

Schupbach graduated from Minnesota State University-Moorhead, where she earned her Bachelor of Science degree in accounting.

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.

Alan Elias

Jim Rowe