...NEW YORK (S&P Global Ratings) April 13, 2018--S&P Global Ratings said today that its ratings and outlook on Wells Fargo & Co. (Wells; A-/Stable/A-2) are not currently affected by the news that the company will likely be subject to civil monetary penalties from the Consumer Finance Protection Bureau and the Office of the Comptroller of the Currency. In particular, the company said that these regulators have collectively offered a $1 billion settlement to resolve issues regarding its compliance risk management and certain previously disclosed past practices in its auto and residential mortgage businesses. Wells made this disclosure in its first-quarter 2018 earnings report, which it said is preliminary and subject to revisions for possible additional accruals regarding this matter. This development highlights Wells' ongoing heightened regulatory risks; however, we believe the severity of risk is already incorporated into our ratings on Wells, which we lowered by one notch in February 2018....
