Published: September 11, 2009

Wells Fargo Continues Investigation of Malibu Bank-Owned Property

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LOS ANGELES - (BUSINESS WIRE) - Wells Fargo & Company (NYSE:WFC) said today that its internal policies, including those that govern team member conduct, prohibit personal use of properties held by Wells Fargo. Based on these operating principles, the company has launched a full internal investigation of allegations that a team member was improperly using a bank-owned residential property in Malibu, California.

Wells Fargo took possession of the property, located on Malibu Colony Drive, last May as part of a private agreement with the prior owner. Under the terms of the agreement with the owner, the property was withheld from the market for an agreed-upon period of time.

In a statement, the company said: "We are thoroughly investigating this situation and will take decisive action with respect to any team member who may have violated Wells Fargo's policies. The allegations certainly do not reflect the conduct we expect of our team members. We place the highest value on honesty, trust and integrity to guide our team members in making business decisions each day. We regret the disruption to the neighboring property owners since these allegations were made."

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North American and internationally.

Wells Fargo & Company
Jennifer Langan, 213-253-3452
Jennifer.l.langan@wellsfargo.com