Summary
Wells Fargo & Company held a conference call on April 12, 2019, to discuss its first-quarter 2019 earnings and provided an update on its engagement with the Federal Reserve regarding a consent order dated February 2, 2018. The company's interim CEO, Allen Parker, emphasized that the priority is on completing the work required by the consent order in a high-quality and sustainable manner. Consequently, Wells Fargo will not be providing guidance on the expected timeline for the lifting of the asset cap limitation imposed by the Federal Reserve. Investors should be aware that forward-looking statements made during the call are subject to risks and uncertainties, and actual results could differ materially from expectations.
Key Highlights
- 1Wells Fargo held an investor conference call on April 12, 2019, to discuss Q1 2019 earnings and regulatory matters.
- 2The company provided an update on its ongoing constructive engagement with the Federal Reserve concerning a February 2, 2018 consent order.
- 3Interim CEO Allen Parker stressed the company's focus on executing the consent order requirements effectively and sustainably.
- 4Wells Fargo will not offer guidance on when the Federal Reserve's asset cap limitation will be lifted.
- 5The company's management is prioritizing operational improvements over specific timelines for regulatory resolution.
- 6Investors are cautioned that forward-looking statements are subject to inherent risks and uncertainties and actual results may differ.