Wells Fargo & Company (NYSE:WFC) Q3 2019 Earnings Conference Call - Final Transcript

Oct 15, 2019 • 11:00 am ET


Wells Fargo & Company (NYSE:WFC) Q3 2019 Earnings Conference Call - Final Transcript


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Good morning. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Wells Fargo Third 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]

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, Regina. 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 third quarter results and answer your questions. This call is being recorded.

Before we get started, I would like to remind you that our third 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 third quarter results. Our earnings included a number of significant items that John Shrewsberry will discuss, but I will note at the outset that our underlying business fundamentals were strong. That strength was demonstrated by among other things increases in loan and deposit balances both from the second quarter and from a year ago, our highest branch customer experience scores in over three years and continued growth in primary consumer checking customers.

As you all know Charlie Scharf will join Wells Fargo next week as our new CEO and President. I've had the opportunity to spend a great deal of time with Charlie and I'm convinced that he has the right combination of experience, business savvy and leadership ability to position Wells Fargo for an even more successful future. I look forward to working with Charlie on a seamless transition as he assumes his responsibilities as CEO and I return to my role as the Company's General Counsel. It's been an honor for me to serve as our Interim CEO and President over the last six months. I'm proud that during my time in this role, the Company continued to move forward and we made progress on our top priorities, which include focusing on our customers and team members meeting the expectations of our regulators and continuing our Company's important transformation.

Let me provide just a few examples of our most recent progress. In the area of leadership, we made important hires