Wells Fargo Issues Statement on Archegos

Rhea-AI Summary

Wells Fargo (NYSE: WFC) confirmed its previous brokerage relationship with Archegos Capital. The bank stated it was well collateralized, ensuring no exposure to losses during a recent market event. As a result, Wells Fargo did not incur any losses while closing out its positions related to Archegos. The company's solid asset base stands at $1.92 trillion, emphasizing its capacity to manage risk effectively and support its customers' financial needs.

Positive

• No financial losses incurred from the Archegos exposure.
• Well collateralized during the market fluctuations.

Negative

• None.

Wells Fargo & Company (NYSE: WFC) today issued the following statement:

“We had a prime brokerage relationship with Archegos. We were well collateralized at all times over the last week and no longer have any exposure. We did not experience losses related to closing out our exposure.”

About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20210330005765/en/

FAQ

Did Wells Fargo incur losses from Archegos?

No, Wells Fargo confirmed it did not experience any losses related to its exposure with Archegos.

What is the asset base of Wells Fargo?

Wells Fargo has an asset base of $1.92 trillion.

How did Wells Fargo manage its exposure to Archegos?

Wells Fargo stated that it was well collateralized and had no exposure to losses.

What is the stock symbol for Wells Fargo?

The stock symbol for Wells Fargo is WFC.