Wells Fargo Issues Statement Regarding Agreement with the New York Attorney General
October 22 2018 - 1:33PM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181022005783/en/
MediaPeter Gilchrist,
704-715-3213peter.gilchrist@wellsfargo.comorInvestor
RelationsJohn Campbell,
415-396-0523john.m.campbell@wellsfargo.com
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