Wells Fargo Issues Statement on 2019 Resolution Plan Feedback by Federal Reserve and FDIC
December 17 2019 - 4:35PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today issued a statement
regarding the joint feedback letter from the Board of Governors of
the Federal Reserve System (Federal Reserve) and the Federal
Deposit Insurance Corporation (FDIC) with respect to Wells Fargo’s
2019 Resolution Plan. The agencies’ letter confirms that there are
no deficiencies in Wells Fargo’s 2019 Resolution Plan.
“We are pleased that the Federal Reserve and FDIC found our 2019
Resolution Plan to be free of deficiencies. We believe this result
recognizes our successful implementation of an iterative process
that further strengthened our resolution planning capabilities, and
that our robust resolution planning framework is designed to
proactively mitigate potential adverse impacts on the financial
system. Wells Fargo is committed to continued strengthening of
these established capabilities, and we will address the feedback we
received from the agencies in connection with our 2019 Resolution
Plan within the time requested.”
Required by federal law, resolution plans are a form of
contingency planning that describe the company's strategy for rapid
and orderly resolution in bankruptcy without government support or
imperiling the broader financial system during severe financial
distress.
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 7,500 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 261,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191217005837/en/
Media Peter Gilchrist, 704-715-3213
peter.gilchrist@wellsfargo.com or Investor Relations John
Campbell, 415-396-0523 john.m.campbell@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2023 to Apr 2024