...+ Wells Fargo & Co. announced on March 28 that its CEO, Timothy Sloan, stepped down immediately from his roles as CEO and president, and its board is embarking on an external search for his replacement. + In our view, the leadership transition adds a layer of uncertainty to the company amid a more protracted timeline than we had originally expected for Wells to resolve regulatory matters related to governance and operational risk management. + We are revising our outlook on Wells' holding company to negative from stable. At the same time, we are maintaining stable outlooks on the company's main operating subsidiaries because we expect those ratings to remain unchanged based on the support provided by the company's additional loss-absorbing capital buffers. + We are affirming our 'A-/A-2' ratings on Wells and our 'A+/A-1' on its main operating subsidiaries, based on the company's extensive nationwide franchise; good asset quality; solid, diversified earnings; strong deposit franchise; and...
