Wells Fargo 2011 Annual Report Download - page 98

Forward-Looking Statements
This Report contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as
“anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,”
“expects,” “target,” “projects,” “outlook,” “forecast,” “will,”
“may,” “could,” “should,” “can” and similar references to future
periods. Examples of forward-looking statements in this Report
include, but are not limited to, statements we make about: (i)
future results of the Company, including the potential effect of
recent strong loan and deposit growth on future financial
performance; (ii) our 2012 noninterest expense, including our
targeted noninterest expense for fourth quarter 2012 as part of
our expense management initiatives; (iii) future credit quality
and expectations regarding future loan losses in our loan
portfolios and life-of-loan estimates; our foreign loan exposure;
the level and loss content of NPAs and nonaccrual loans; the
adequacy of the allowance for credit losses, including our current
expectation of future allowance releases in 2012; and the
reduction or mitigation of risk in our loan portfolios and the
effects of loan modification programs; (iv) our expectations
regarding the completion of the remaining Wachovia integration
activities; (v) future capital levels and our estimate regarding our
Tier 1 common equity ratio under proposed Basel III capital
standards as of December 31, 2011; (vi) the quality of our
residential mortgage loan servicing portfolio, our mortgage
repurchase exposure and exposure relating to our mortgage
foreclosure practices; (vii) our expectations regarding the
satisfaction of our obligations under our settlement in principle
with the Department of Justice and other federal and state
government entities related to our mortgage servicing and
foreclosure practices, including our estimates of the impact of
the settlement on our future financial results; (viii) the expected
outcome and impact of legal, regulatory and legislative
developments, including the Dodd-Frank Act and FRB
restrictions on debit card interchange fees, including earnings
expectations regarding mitigation efforts; and (ix) the Company’s
plans, objectives and strategies, including our belief that we have
more opportunity to increase cross-sell of our products.
Forward-looking statements are based on our current
expectations and assumptions regarding our business, the
economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. We
caution you, therefore, against relying on any of these forward-
looking statements. They are neither statements of historical fact
nor guarantees or assurances of future performance. While there
is no assurance that any list of risks and uncertainties or risk
factors is complete, important factors that could cause actual
results to differ materially from those in the forward-looking
statements include the following, without limitation:
current and future economic and market conditions,
including the effects of further declines in housing prices
and high unemployment rates, U. S. fiscal debt and budget
matters, and the sovereign debt crisis in Europe;
our capital and liquidity requirements (including under
regulatory capital standards, such as the proposed Basel III
capital standards, as determined and interpreted by
applicable regulatory authorities) and our ability to generate
capital internally or raise capital on favorable terms;
financial services reform and other current, pending or
future legislation or regulation that could have a negative
effect on our revenue and businesses, including the Dodd-
Frank Act and legislation and regulation relating to
overdraft fees (and changes to our overdraft practices as a
result thereof), debit card interchange fees, credit cards, and
other bank services, as well as the extent of our ability to
offset the loss of revenue and income from financial services
reform and other legislation and regulation;
the extent of our success in our loan modification efforts, as
well as the effects of regulatory requirements or guidance
regarding loan modifications or changes in such
requirements or guidance;
the amount of mortgage loan repurchase demands that we
receive and our ability to satisfy any such demands without
having to repurchase loans related thereto or otherwise
indemnify or reimburse third parties, and the credit quality
of or losses on such repurchased mortgage loans;
negative effects relating to our mortgage servicing and
foreclosure practices, including our ability to meet our
obligations under the settlement in principle with the
Department of Justice and other federal and state
government entities, as well as changes in our procedures or
practices and/or industry standards or practices, regulatory
or judicial requirements, penalties or fines, increased
servicing and other costs or obligations, including loan
modification requirements, or delays or moratoriums on
foreclosures;
our ability to realize our noninterest expense target as part
of our expense management initiatives when and in the
amount targeted, including as a result of business and
economic cyclicality, seasonality, changes in our business
composition and operating environment, growth in our
businesses and/or acquisitions, and unexpected expenses
relating to, among other things, litigation and regulatory
matters;
our ability to successfully complete the remaining Wachovia
integration activities, as well as realize all of the expected
benefits of the Wachovia merger;
recognition of OTTI on securities held in our available-for-
sale portfolio;
the effect of changes in interest rates on our net interest
margin and our mortgage originations, MSRs and MHFS;
hedging gains or losses;
disruptions in the capital markets and reduced investor
demand for mortgage loans;
our ability to sell more products to our customers;
the effect of a fall in stock market prices on our investment
banking business and our fee income from our brokerage,
asset and wealth management businesses;
our election to provide support to our money market funds;
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