Wells Fargo & Company (NYSE:WFC) Q4 2019 Earnings Conference Call - Final Transcript

Jan 14, 2020 • 10:00 am ET


Wells Fargo & Company (NYSE:WFC) Q4 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 Fourth 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 CEO and President, Charlie Scharf; and our CFO, John Shrewsberry will discuss fourth quarter results and answer your questions. This call is being recorded.

Before we get started, I would like to remind you that our fourth 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 Charlie Scharf.

Charles W. Scharf

Thank you, John and good morning, everyone. It's good to be with you on my first earnings call. As I go through my remarks, I'd ask that you remember that I just joined Wells Fargo less than three months ago. It's been a busy time, as I've been working to get to know the Company, our opportunities and challenges and I've learned a lot, but as I discussed my observations, please recognize that it's still early days. I don't have all the answers yet, but I will share more as I learn more and as the year progresses.

John is going to cover the quarter in detail in a few minutes and we'll answer your questions. You can see that a series of legacy issues meaningfully impacted our results in the quarter. Even excluding these significant items, our results are not a strong as we aspire too, but the strength of the franchise is still evident. There are certainly some areas of success, but the opportunity to improve our results is significant and attainable.

Let me first share some of my observations and thoughts before turning it over to John. First, I was honored to be chosen to lead Wells Fargo because I believe this is an extraordinary company that plays an important role in this country. We came out of the financial crisis as the most valuable and most respected bank in the US, but as you know, we made some terrible mistakes and have not effectively addressed our shortcomings. These circumstances have led to financial underperformance, but