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.