Leading market positions in numerous U.S. banking businesses Longstanding, very strong deposit franchise Strong earnings generation with substantial contribution from fee income Loan asset quality that should remain steady, although the net charge-off rate is likely at a cyclical low Prolonged reputational and legal issues arising in the aftermath of regulatory investigations and internal reviews of various business lines Governance, compliance, and operational risk procedures that need continued improvement Asset cap imposed as part of a consent order to cease and desist from the Federal Reserve Management has signaled it may reduce capital levels despite an overhang of reputational and legal issues Our stable outlook reflects our expectations that Wells Fargo&Co. (WFC) will continue to strengthen its governance,
