Stable earnings through a variety of economic conditions; Broad diversification by product and geography; and Strong core deposit funding base Some concentration in commercial real estate Wells Fargo&Co. (Wells) has superior geographic and business line diversity among bank holding companies in the U.S., with a wide variety of strongly performing business lines. This diversity, together with a disciplined management philosophy and strong sales culture, has produced an exceptional track record of stable earnings growth, even through a difficult economic environment. Wells has a deep penetration of retail and small and midsize commercial lending products in its branch area, the western half of the U.S., augmented by nationwide businesses in mortgage banking and consumer finance, wholesale lending, and a
