WELLS FARGO Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May26, 2017, David M. Carroll notified Wells Fargo Company
(Wells Fargo or the Company) of his decision to retire as head of
Wealth and Investment Management, effective July1, 2017.
Mr.Carroll is expected to remain as an employee of the Company
until July31, 2017.
The Companys news release announcing Mr.Carrolls retirement is
attached to this report as Exhibit99.1 and is incorporated by
reference into this Item5.02.
| Item8.01. | Other Events. |
On May24, 2017, the United States District Court for the Northern
District of California issued an Order regarding the proposed
settlement agreement entered into by the Company in the
Jabbari v. Wells Fargo Company class action lawsuit. In
the Order, the court indicated its inclination to grant the
parties motion for preliminary approval of the settlement subject
to the parties submitting, within 14days of the Order, a revised
settlement agreement that responds to the items identified by the
court in the Order. The Company is working with plaintiffs
counsel to submit a revised settlement agreement that responds to
the identified items and finalizes other terms and conditions of
the settlement, including the class covered by the settlement,
which the Company expects to consist of all persons who claim
that Wells Fargo opened, without their consent, a consumer or
small business checking or savings account or an unsecured credit
card or line of credit or enrolled them, under certain
circumstances, in Identity Theft Protection services, in each
case between May1, 2002 and April20, 2017. There is no assurance
that the parties will reach agreement on the terms and conditions
of a revised settlement agreement, that the terms and conditions
of any revised settlement agreement will not be materially
different from those previously agreed to in principle by the
parties, or that the court will approve a revised settlement
agreement.
The Order is attached to this report as Exhibit99.2 and is
incorporated by reference into this Item8.01.
Cautionary Statement About Forward-Looking
Statements
This report contains forward-looking statements about the
Companys 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 Annual Report on Form10-K
for the year ended December31, 2016, as filed with the Securities
and Exchange Commission and available on its website at
www.sec.gov.
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| Item9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 99.1 | News Release dated June1, 2017 |
| 99.2 |
Order Regarding Motion for Preliminary Approval dated May24, 2017 |
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About WELLS FARGO & COMPANY (NYSE:WFC)
Wells Fargo & Company is a bank holding company. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking, and Wealth and Investment Management. The Company offers its services under three categories: personal, small business and commercial. It provides retail, commercial and corporate banking services through banking locations and offices, the Internet and other distribution channels to individuals, businesses and institutions in all 50 states, the District of Columbia and in other countries. It provides other financial services through its subsidiaries engaged in various businesses, including wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, computer and data processing services, investment advisory services, mortgage-backed securities servicing and venture capital investment. WELLS FARGO & COMPANY (NYSE:WFC) Recent Trading Information
WELLS FARGO & COMPANY (NYSE:WFC) closed its last trading session 00.00 at 51.14 with 30,519,660 shares trading hands.
