Wells Fargo response to press conference on unsubstantiated allegations

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SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today issued the following statement in response to comments made at a press conference by plaintiffs’ attorneys Ben Crump, Linda Friedman and Suzanne Bish.

“We are deeply disturbed by the allegations of discrimination which we believe do not stand up to scrutiny. We are confident that we follow relevant Government Sponsored Enterprises (GSE) guidelines in our decision-making and that our underwriting practices are applied consistently, regardless of a client’s race or ethnicity. These baseless attacks on Wells Fargo stand in stark contrast to the company’s significant, long-term commitment to closing the minority homeownership gap.

In 2020, Wells Fargo was the largest bank lender for home loans to Black families, which is consistent with our performance over the past decade (2011-2020), in which the company has helped so many Black families to buy houses. like the three largest bank lenders combined.

Besides:

  • Wells Fargo helped more black homeowners refinance their mortgages in 2020 than any other bank.

  • The 83% increase in the company’s refinance loans to black homeowners in 2020 compared to 2019 was also by far the biggest gain among the biggest banks.

  • In 2021, Wells Fargo increased that total by 106% over 2020.

Minority ownership and access to finance is a significant issue in this country, and Wells Fargo is committed and remains committed to taking action to help close this and other racial equity gaps. In fact, earlier this month the company announced a $210 million commitment to help minority families achieve their dream of home ownership, including $150 million to lower mortgage rates and lower refinance costs for eligible homeowners who could benefit from a refinance product. This program goes beyond typical loan programs and uses company money to refinance the homes of black families.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company with approximately $1.9 trillion in assets, proudly serves one in three American households and more than 10% of small businesses in the United States, and is a leading provider of middle market banking services. in the United States We offer a diverse set of banking, investment and mortgage products and services, as well as consumer and commercial finance services, through our four reportable operating segments: Consumer and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. Management. Wells Fargo ranked No. 37 in Fortune’s 2021 ranking of America’s largest companies. In the communities we serve, the company focuses its social impact on building a sustainable and inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. carbon. Wells Fargo news, insights and insights are also available at Wells Fargo Stories.

Additional information can be found at www.wellsfargo.com | Twitter: @Wells Fargo

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements about our financial performance and future business. Because forward-looking statements are based on our current expectations and assumptions about the future, they are subject to inherent risks and uncertainties. Do not place undue reliance on forward-looking statements, as actual results could differ materially from expectations. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect changes or events after such date. For more information about factors that could cause actual results to differ materially from our expectations, see our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our annual report on Form 10-K for the year ended December. 31, 2021, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov

Press release category: WF-CF

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