Supporting these results has been a steady growth in deposits, with most depositors viewing the bank as a safe port in a storm. At $334 billion, deposits are up 10% from 2007. That's a cheap source of capital, as Wells tends to pay below market-average rates on checking, savings and CDs.

With a $25 billion infusion of federal investment from the Troubled Assets Relief Program, and an additional $12 billion from an equity offering, Wells had the capital base to compete for loans. Overall lending is up 15% from 2007, with commercial loans, mostly to small and midsize firms, up 27%.

Stumpf sees his competitors as avoiding lending to preserve capital.  The tightening of the credit market is viewed by Stumpf as an opportunity. Many companies are desperate for loans. "We have commerical prospects calling us up for lunch," he said, adding, "These are some of the best times to grow and win new banking relationships."

Wells excels at turning a new banking tie into a gushing revenue stream, a successful strategy Stumpf attributed to "cross-selling."  By all indications, Wells is one of the best banks at cross-selling: Stumpf reports that the average Wells retail customer gets into 5.7 products from the bank — everything from checking and saving accounts to home equity loans and wealth management services. "The goal is to help people succeed," he said. "The result is to make money."