Leading market positions in numerous U.S. banking businesses Longstanding, very strong deposit franchise Robust 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 Potential prolonged reputational and legal issues following regulatory probes on improper retail sales practices Substantial loan growth, including portfolio purchases, increases risk High exposure to the residential mortgage market including on-balance-sheet loans, in addition to very large origination and servicing activities S&P Global Ratings' stable rating outlook on Wells Fargo&Co.'s (WFC) main operating subsidiaries incorporates our assumption that WFC will maintain its superior market positions, that the nonperforming asset (NPA) ratio (including troubled debt restructurings [TDRs]) will not
