�Wells Fargo & Co. wrote off $294 million because Bernard Madoff�s alleged Ponzi scheme wiped out some of its customers and left them unable to pay loans, said Chief Financial Officer Howard Atkins.

�This is not our exposure to Madoff, this is our exposure to customers of ours who had investments in Madoff,� Atkins said today in an interview after the company announced fourth-quarter results, which included the pretax charge tied to Madoff. �They�ve gone from being wealthy to not having any money,� Atkins said. He didn�t say how many were involved.

Madoff�s clients included banks, hedge funds, charities, universities and wealthy individuals who have disclosed about $41 billion invested with Bernard L. Madoff Investment Securities LLC, according to a Bloomberg News tally of disclosures and press reports.

Wells Fargo reported a fourth-quarter loss of $2.55 billion today after acquiring Wachovia Corp. and its default-plagued mortgage portfolio. The Madoff loss accounted for 5 cents of Wells Fargo�s 79-cent-a-share loss. None of the other top U.S. banks — Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp., U.S. Bancorp, Goldman Sachs Group Inc. and Morgan Stanley — have made similar disclosures related to Madoff.

(Bloomberg.com)