Wells Fargo 2013 Annual Report Download - page 117

Forward-Looking Statements
This document contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
In addition, we may make forward-looking statements in our
other documents filed or furnished with the SEC, and our
management may make forward-looking statements orally to
analysts, investors, representatives of the media and others.
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. In particular, forward-looking statements include, but
are not limited to, statements we make about: (i) the future
operating or financial performance of the Company, including
our outlook for future growth; (ii) our noninterest expense and
efficiency ratio; (iii) future credit quality and performance,
including our expectations regarding future loan losses and
allowance releases; (iv) the appropriateness of the allowance for
credit losses; (v) our expectations regarding net interest income
and net interest margin; (vi) loan growth or the reduction or
mitigation of risk in our loan portfolios; (vii) future capital levels
and our estimated Common Equity Tier 1 ratio under Basel III
capital standards; (viii) the performance of our mortgage
business and any related exposures; (ix) the expected outcome
and impact of legal, regulatory and legislative developments, as
well as our expectations regarding compliance therewith; (x)
future common stock dividends, common share repurchases and
other uses of capital; (xi) our targeted range for return on assets
and return on equity; (xii) the outcome of contingencies, such as
legal proceedings; and (xiii) the Company’s plans, objectives and
strategies.
Forward-looking statements are not based on historical facts
but instead represent 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 declines in housing prices, high
unemployment rates, U.S. fiscal debt, budget and tax
matters, and the overall slowdown in global economic
growth;
our capital and liquidity requirements (including under
regulatory capital standards, such as the Basel III capital
standards) 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 other legislation and regulation relating to
bank products and services;
the extent of our success in our loan modification efforts, as
well as the effects of regulatory requirements or guidance
regarding loan modifications;
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 obligations under the
settlement with the Department of Justice and other federal
and state government entities, as well as changes in 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 efficiency ratio target as part of our
expense management initiatives, 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;
the effect of the current low interest rate environment or
changes in interest rates on our net interest income, net
interest margin and our mortgage originations, mortgage
servicing rights and mortgages held for sale;
a recurrence of significant turbulence or disruption in the
capital or financial markets, which could result in, among
other things, reduced investor demand for mortgage loans, a
reduction in the availability of funding or increased funding
costs, and declines in asset values and/or recognition of
other-than-temporary impairment on securities held in our
investment securities portfolio;
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;
reputational damage from negative publicity, protests, fines,
penalties and other negative consequences from regulatory
violations and legal actions;
a failure in or breach of our operational or security systems
or infrastructure, or those of our third party vendors or
other service providers, including as a result of cyber
attacks;
the effect of changes in the level of checking or savings
account deposits on our funding costs and net interest
margin;
fiscal and monetary policies of the Federal Reserve Board;
and
the other risk factors and uncertainties described under
“Risk Factors” in this Report.
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