2013-01-15 00:56:19 -

Finjitsu Research - Associated Analysts

CHICAGO, IL - Jan. 11, 2013



Current Perspective on Wells Fargo & Company (WFC)

Excluding net capital gains, a one time charge, and a one time tax benefit,
operating EPS was $0.81, slightly below our estimate (consensus was $0.89,
although, consensus may include capital gains). Another drop in net interest
margins--now down (35) basis points over the past two quarters--was largely
responsible for the shortfall vs. our estimate. Non-NIM, non-credit related
operating trends were strongly positive in the quarter.

Previous Perspective on Wells Fargo & Company (WFC)

As WFC's opportunities to reduce high-cost liabilities, such as redeeming trust
preferreds, have largely been exploited, relentlessly low interest rates
available on investment securities (and some loans) are likely to keep driving
WFC's net interest margins lower in 2013. WFC now is engaged in a   robust effort
to drive its expense ratios lower, despite modest revenue growth.



For more information on this brief please visit: Wells Fargo & Company (WFC) |
Quick Take on the Quarter.

For more general financial information about Wells Fargo & Company (WFC), and
other companies, please visit the Finjitsu Research Portal.


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