Sept. 2, 2011 - US investors got a taste of losses to come this week when Wells Fargo & Company on Thursday triggered regulatory event calls to redeem $5.8bn of high yielding Trust Preferred (TruPs) and other securities. Wells Fargo (WFC.N) is the first of the big US money center banks to use a regulatory call event clause embedded in its Tier 1 TruPs to begin cleaning its balance sheet of the costly capital securities. TruPs will lose their status as Tier 1 instruments in 2013 under new regulations. The four deals the bank is redeeming carry coupons of between 7.7% and 9.75%, well above anything it would have to pay in today's markets. Holders of the Wells securities will lose anywhere from two to six points in price -- the difference between the trading price of the TruPs before the announcement and the par price they will be given on the October 3 redemption date. The instruments being redeemed by Wells on October 3 are: Wachovia Capital Trust $837.5m of 7.85% TruPS; Wells Fargo Capital XIII $2.5bn 7.7% fixed-to-floating rate normal perpetual preferred securities (PPS); Wells Fargo Capital XIV $690m 8.625% enhanced TruPs and Wells Fargo Capital XV $1.75bn 9.75% fixed-to-floating rate normal PPS.

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Address:   420 Montgomery Street, San Francisco, CA 94163
Main Phone Number	866-249-3302
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Investor Relations   Jim Rowe	415-396-8216
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CEO - John G. Stumpf

CFO - Timothy J. Sloan