...NEW YORK (S&P Global Ratings) Jan. 15, 2019--S&P Global Ratings said today that it negatively views Wells Fargo & Co.'s recent disclosure that the company now expects that the asset cap imposed by the Federal Reserve will be in place through 2019, rather than its previous expectation of being lifted by mid-year 2019. Despite the delay, our ratings and outlook on Wells (A-/Stable/A-2) assume that the company will continue to make timely progress in improving its governance and operational risk management as required by the regulators. We view the company's progress in lifting the asset cap and the consent orders as an important element in our stand-alone analysis. If we were to believe that regulatory risk could remain more pronounced than we currently envision, or the company is unlikely to meet the regulatory targets with respect to its governance and operational risk management for a prolonged period of time, we could consider changing our rating outlook to negative from stable, signaling...
