Wells Fargo & Company (NYSE:WFC) today issued the following statement
regarding the Federal Reserve Board’s and the Federal Deposit Insurance
Corporation’s joint response to its 2015 resolution plan submission
under the “living will” process of the Dodd-Frank Wall Street Reform and
Consumer Protection Act:
“We were disappointed to learn that our 2015 resolution plan
submission was determined to have deficiencies in certain areas. The
Federal Reserve Board and the FDIC acknowledged the continued steps
Wells Fargo has taken in enhancing its resolution plan and we view the
feedback as constructive and valuable to our resolution planning
process. We understand the importance of these findings and we will
address them as we update our plan by the October 1, 2016 deadline
identified by the agencies. We remain dedicated to sound resolution
planning and preparedness.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.8 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 36 countries to support customers who
conduct business in the global economy. With approximately 266,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy our customers’ financial needs and help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future
financial performance and business, including expectations regarding our
ability to address the deficiencies in the 2015 resolution plan
identified by the Federal Reserve Board and the FDIC. Because
forward-looking statements are based on our current expectations and
assumptions regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we do not
undertake to update them to reflect changes or events that occur after
that date. For information about factors that could cause actual results
to differ materially from our expectations, refer to our reports filed
with the Securities and Exchange Commission, including the discussion
under “Risk Factors” in our Annual Report on Form 10-K for the year
ended December 31, 2015 as filed with the Securities and Exchange
Commission and available on its website at www.sec.gov.
