SAN FRANCISCO--(EON: Enhanced Online News)--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 2016 resolution plan submission under the “living will” process of the Dodd-Frank Wall Street Reform and Consumer Protection Act:
“In October 2016, Wells Fargo submitted a response to the Federal Reserve and FDIC regarding certain deficiencies cited in our 2015 Resolution Plan submission. We took feedback from our 2015 submission very seriously and took several steps to address it, including creating a program office dedicated to this effort, committing significant additional resources, and working deliberately to address these concerns.
As we disclosed in our public filing in October, we believe that we substantially enhanced our capabilities in each of these areas identified. However, we were informed today that we did not adequately remediate certain deficiencies.
Wells Fargo is committed to strengthening and enhancing its resolution planning processes, and we will continue to work closely with the agencies to better understand their concerns so that we can bring our resolution planning processes in line with their expectations. While we are disappointed with the determination issued by the agencies, we continue to be dedicated to sound resolution planning and preparedness. We believe we will be able to address the concerns raised today in the March 2017 revised submission.”
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.