Hello, this is Bob Strickland. Thank you for calling into the Wells Fargo First Quarter 2008 Earnings Review Pre-recorded Call. Before we talk about our first quarter results, we need to make the standard securities law disclosure. In this call we will make forward looking statements about specific income statement and balance sheet items and other measures of future results of operations and financial conditions, including statements about future credit quality and losses generally and specifically that we expect loss rates in the first mortgage portfolio to increase if housing prices continue to decline. Based on the current interest rate environment most of our adjustable rate mortgages at Wells Fargo Financial scheduled to reset during the remainder of 2008 will reset at or below their current rate, and that we expect the performance of the liquidating home equity portfolio to continue to deteriorate until real estate markets begin to stabilize or until we manage through the most distressed customer segments. Forward looking statements give our expectations about the future. They are not guarantees, and results may differ from expectations. Forward looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date. For a discussion of some of the factors that may cause actual results to differ from expectations refer to our SEC filings including the 8-K filed today, which includes the press release announcing our first quarter results, and to our most recent annual report on Form 10-K filed with the SEC and to the information incorporated into those documents. Now I will turn the review over to our Chief Financial Officer, Howard Atkins.

Wells Fargo earned $2 billion after tax or $0.60 a share in the first quarter despite a $2 billion pre-tax provision for credit losses, which included an additional $500 million credit reserve build. Our ability to earn through these higher credit costs reflected the benefit of our diversified business model as well as attractive growth opportunities we have taken advantage of in these challenging markets. We continued to steadily and profitably grow the franchise without compromising our operating margins. In fact, key operating margins actually widened in the quarter, while at the same time we continued to fortify our strong balance sheet. In terms of business growth, we achieved record sales in consumer banking, record cross sell in both our retail and commercial businesses, double digit growth in earning assets and loans. Near double digit growth in deposits and fee income, all of which contributed to producing 12% top line growth year over year. Double digit revenue growth, once again was broad based across our 80 plus businesses, with commercial banking, asset based lending, insurance, international, wealth management, regional banking, debit and credit cards, business direct, SBA lending, business payroll and mortgage banking all posting double digit year over year revenue growth. Despite the slump in housing and the periodic dislocations in the secondary mortgage capital markets, Wells Fargo Home Mortgage applications rose 45% from the fourth quarter to $132 billion the highest quarterly mortgage application volume since the height of the refi boom in the fall of 2003. Operating margins remained strong and actually widened in first quarter. Operating leverage, the difference between revenue growth which was up 12% and expense growth which was down 1% was very positive and continued to improve, reflecting the combination of strong revenue growth with expense discipline. Our net interest margin, at 4.69%…

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THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS. If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!