Media Elise Wilkinson elise.wilkinson@wellsfargo.

co m 704-374-6512

Wells Fargo Securities Hires Investment Bankers from Citadel Securities as Part of a Mutual Agreement Experienced team with broad skills and deep relationships joins growing investment bank
New York, NY, August 15, 2011 Wells Fargo Securities, part of Wells Fargo & Company (NYSE: WFC), today announced an agreement with Citadel Securities under which Wells Fargo Securities has hired a team of approximately 25 investment banking professionals and related administrative staff from Citadel Securities. The agreement also involves the transfer of Citadel Securities related investment banking business to Wells Fargo Securities. The newly hired team members are led by Brian Maier who joins Wells Fargo Securities as a Vice Chairman in Client Coverage. Maier, most recently head of Investment Banking at Citadel Securities, has spent his 26 year career in investment banking at Citadel, Merrill Lynch and Goldman Sachs. He is based in New York and reports to Rob Engel and Jonathan Weiss, co-heads of Investment Banking at Wells Fargo Securities. Maier is joined by the following senior bankers who are all Managing Directors based in New York: Stephen Gerson, who joins as a senior banker in the Financial Technologies practice reporting jointly to Jim Broner, head of Technology, Media and Telecom Investment Banking and Scott Heberton and Jim Sigman, co-heads of Financial Institutions Investment Banking Aviv Laurence, who joins as a senior banker in the Gaming and Leisure practice and reports to John Hudson, head of Consumer, Healthcare and Gaming Investment Banking Paul Pepe, who leads a newly formed Corporate Finance team within Wells Fargo Securities and reports jointly to Engel and Weiss

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Stavros Tsibiridis, who joins the Mergers and Acquisitions group to lead the groups efforts in a number of areas including its corporate defense advisory practice and reports to John Laughlin, head of Merger and Acquisitions We are very pleased to welcome such an experienced and talented team of bankers to Wells Fargo Securities, said Rob Engel, co-head of Investment Banking and Capital Markets. These new additions complement our existing team, bringing added depth to specific industry sectors and increased advisory and capital markets product expertise where we have been looking to expand. They bring strong client relationships, highly seasoned execution experience and a compatible culture that fits with our growing business. Citadel has assembled a strong team of investment bankers with a solid array of skills and relationships, added Jonathan Weiss, co-head of Investment Banking and Capital Markets. Their addition to Wells Fargo is consistent with our strategy to grow our business in a focused, disciplined and profitable manner that provides excellent service and capabilities to our clients. Citadel Securities and Wells Fargo Securities have agreed to work closely with existing clients to continue to execute on outstanding mandates, provide uninterrupted service and focus on clients needs. Wells Fargo Securities' Investment Banking & Capital Markets division offers full-service, marketleading investment banking, advisory and capital markets capabilities. Wells Fargo Securities continues to successfully offer investment banking services and solutions to Wells Fargos broad and high-quality client base, resulting in domestic market share growth(1) greater than any other investment bank on Wall Street in the first half of 2011.
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Source: Dealogic

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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 Fortunes 2011 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wells Fargo Securities, LLC, member FINRA and SIPC, and Wells Fargo Bank, National Association.

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CONFIDENTIAL DRAFT Not for external distribution