Wells Fargo's Chief Credit Officer to Retire

Wells Fargo & Company today said Chief Credit Officer David Munio will retire in mid- 2006 after 32 years with the company. Michael Loughlin, head of credit for Wells Fargo’s Wholesale Banking Group, has been named deputy chief credit officer, will succeed Munio and will report, as does Munio, to Chairman and CEO Dick Kovacevich.

“Wells Fargo has earned a reputation as having one of the most well diversified and conservatively managed loan portfolios in the industry, thanks to the disciplined credit policies we’ve had in place for two decades,” said Kovacevich. “Dave and his team have helped ensure we do not compromise our standards, while giving our business lines flexibility to meet the needs of our customers as we find ways to fulfill our vision of helping customers become financially successful. As a result, our loan portfolio has shown great consistency through all economic cycles. With his almost two decades of experience with our company I’m confident this commitment will continue under Mike’s leadership.”

Munio began his Wells Fargo career in 1973 as a financial analyst with the former First Interstate and joined credit administration in 1983; Wells Fargo acquired First Interstate in 1996. After the merger of Norwest Corporation and Wells Fargo in November 1998, Munio became the company’s deputy chief credit officer and has held his current post since November 2001.

A 19-year company veteran, Loughlin held a variety of positions in Corporate and Commercial Banking. In 1998, he was named senior credit officer for Commercial Banking. He has been head of credit for Wholesale Banking since 2003. Loughlin is a 1978 graduate of the University of California-Berkeley with a bachelor’s degree in history.