Wells Fargo & Company (NYSE:WFC) Q1 2019 Earnings Conference Call - Final Transcript

Apr 12, 2019 • 10:00 am ET


Wells Fargo & Company (NYSE:WFC) Q1 2019 Earnings Conference Call - Final Transcript


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Good morning. My name is Catherine and I will be your conference operator today. At this time, I'd like to welcome everyone to the Wells Fargo First Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Please note that today's call is being recorded.

Thank you. I would now like to turn the call over to John Campbell, Director of Investor Relations. Sir, you may begin the conference.

John M. Campbell

Thank you, Catherine. Good morning, everyone. Thank you for joining our call today where our interim CEO and President, Allen Parker, and our CFO, John Shrewsberry will discuss first quarter results and answer your questions. This call is being recorded. Before we get started, I would like to remind you that our first quarter earnings release and quarterly supplement are available on our website at wellsfargo.com. I'd also like to caution you that we may make forward-looking statements during today's call that are subject to risks and uncertainties. Factors that may cause actual results to differ materially from expectations are detailed in our SEC filings, including the Form 8-K filed today containing our earnings release and quarterly supplement. Information about any non-GAAP financial measures referenced, including a reconciliation of those measures to GAAP measures can also be found in our SEC filings in the earnings release and in the quarterly supplement available on our website.

I will now turn the call over to Allen Parker.

C. Allen Parker

Thank you, John. Good morning everyone and thanks for joining us for today's discussion of our first quarter results. As you know, this is my first time participating in the quarterly earnings call. I'm pleased to be with you and I look forward to your questions and today's dialog. This morning, I'll outline the actions I'm taking together with our leadership team to continue to transform Wells Fargo and to get that transformation right for all our stakeholders, including our customers, our team members, our shareholders and our regulators.

Since assuming my new role, I've been focused on leading our Company forward by emphasizing my top priorities, serving our customers and supporting our Wells Fargo team members, meeting and exceeding the expectations of our regulators, and continuing the important transformation of the Company. Today, we're honored to serve one out of every three US households, but we know that some of our past practices harmed our customers. The team and I are committed to addressing these mistakes of the past and over the coming weeks and months, I plan to speak -- spend much of my time listening to our customers and working to understand how we can best serve them.

Our goal with respect to our customers is to develop even deeper relationships that are built on trust, accessibility and outstanding service. As part of reaching that goal, we will continue wherever appropriate, to contact customers we have let down and compensate them for any harm. To this