WELLS FARGO & COMPANY (NYSEARCA:BDCL) Files An 8-K Other Events

WELLS FARGO & COMPANY (NYSEARCA:BDCL) Files An 8-K Other Events

Story continues below

Item 8.01

Other Events
On December 13, 2016, the Board of Governors of the Federal
Reserve System (the Federal Reserve Board) and the Federal
Deposit Insurance Corporation (the FDIC, and together with the
Federal Reserve Board, the Agencies) notified Wells Fargo Company
(the Company) that they have jointly determined that the Companys
2016 resolution plan submission does not adequately remedy two of
the three deficiencies identified by the Agencies in the Companys
2015 resolution plan. The Company is required to remedy the two
deficiencies in a revised submission to be provided to the
Agencies by March 31, 2017 (the Revised Submission). Effective
immediately, the Agencies have jointly determined that the
Company and its subsidiaries shall be restricted from
establishing any foreign bank or foreign branch and from
acquiring any nonbank subsidiary until the Agencies jointly
determine that the Revised Submission adequately remedies the
deficiencies. If the Company fails to timely submit the Revised
Submission or if the Agencies jointly determine that the Revised
Submission does not adequately remedy the deficiencies, the
Agencies will limit the size of the Companys nonbank and
broker-dealer assets to levels in place as of September 30, 2016.
If the Company has not adequately remedied the deficiencies by
December 13, 2018, the Agencies, in consultation with the
Financial Stability Oversight Council, may jointly require the
Company to divest certain assets or operations. There can be no
assurance that the Company will be able to address the
deficiencies to the satisfaction of the Agencies within the
specified time requirements. For more information on resolution
plans, see the Regulatory Reform – Living Will Requirements and
Related Matters section in our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2016 and our Annual Report on
Form 10-K for the year ended December 31, 2015, as filed with the
Securities and Exchange Commission and available on its website
at www.sec.gov.
The foregoing discussion is qualified in its entirety by
reference to the notification from the Agencies to the Company
dated December 13, 2016 (the Notification). The Notification is
attached hereto as Exhibit 99.1, and is hereby incorporated by
reference into this Item 8.01.
Cautionary Statement About Forward-Looking Statements
This report contains forward-looking statements about our future
financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements
as actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the discussion under Risk Factors in our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2016 and our Annual Report on Form 10-K for the year ended
December 31, 2015, as filed with the Securities and Exchange
Commission and available on its website at www.sec.gov.
Item 9.01 Financial Statements and Exhibits>
(d) Exhibits
99.1
Notification from the Agencies to the Company dated
December 13, 2016.


About WELLS FARGO & COMPANY (NYSEARCA:BDCL)



WELLS FARGO & COMPANY (NYSEARCA:BDCL) Recent Trading Information

WELLS FARGO & COMPANY (NYSEARCA:BDCL) closed its last trading session at 19.23 with 480,948 shares trading hands.

An ad to help with our costs