SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) today issued the following statement
regarding an agreement with the Office of the Attorney General of the
State of New York to resolve claims alleging certain misstatements and
omissions in the Company’s disclosures related to sales practices
matters.
“We are pleased to reach this agreement. Wells Fargo did not admit
liability, and we believe that putting this matter behind us is in the
best interest of all of our stakeholders, including customers. The
settlement costs have been previously accrued.
We are making strong progress in our work to rebuild trust, and this
represents another step forward. Over the past two years, we have made
fundamental changes to retail sales practices, and the claims in this
settlement relate to past product sales goals that were eliminated in
2016. We remain focused on transforming Wells Fargo into a better
company for our customers and other stakeholders.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,950
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 37 countries and territories to support
customers who conduct business in the global economy. With approximately
262,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.