WEBVTT 00:00:00.756 --> 00:00:04.893 AGO 10% OF ALL OF OUR 00:00:03.559 --> 00:00:06.528 COMPLETED APPLICATIONS WERE 00:00:05.027 --> 00:00:06.795 USING THAT IT IS VERY XOO I GO 00:00:06.662 --> 00:00:08.931 TO. 00:00:06.929 --> 00:00:10.265 >> WHAT ARE YOU DOING TO GET 00:00:09.064 --> 00:00:11.733 MILLENNIALS TO TOP GROWTH. 00:00:10.399 --> 00:00:13.335 >> PROVIDING THEM WITH RIGHT 00:00:11.867 --> 00:00:14.970 PRODUCTS AND SERVICES, THEY 00:00:13.469 --> 00:00:17.172 LOVE INNOVATION, ONE OF THE 00:00:15.103 --> 00:00:19.975 ONE OF THE NEW SERVICES THAT 00:00:17.306 --> 00:00:22.511 WE INTRODUCED A YEAR AGO EMT 00:00:20.108 --> 00:00:24.379 BALANCE UPDATES YOU COME TO US 00:00:22.644 --> 00:00:25.614 -- REAL-TIME BALANCE UPDATES I 00:00:24.513 --> 00:00:26.915 WANT TO KNOW WHEN BALANCE IS 00:00:25.747 --> 00:00:28.817 100 DOLLARS WE HAVE THAT 00:00:27.049 --> 00:00:32.221 INFORMATION, ABOUT YOU, WE NOW 00:00:28.951 --> 00:00:33.121 GIVE IT TO YOU WHENEVER YOU 00:00:32.354 --> 00:00:34.723 WHENEVER YOUR BALANCE GETS TO 00:00:33.255 --> 00:00:36.258 BE 100 DOLLARS, YOU KNOW HOW 00:00:34.857 --> 00:00:37.159 MANY TIMES THAT HAPPENS A 00:00:36.391 --> 00:00:38.026 MONTH? 00:00:37.292 --> 00:00:38.660 20 MILLION TIMES. 00:00:38.160 --> 00:00:39.461 >> WOW. 00:00:38.794 --> 00:00:41.430 >> MILLENNIALS LOVE THAT 00:00:39.595 --> 00:00:42.464 BECAUSE IT HELP THEM MANAGE 00:00:41.563 --> 00:00:43.599 THEIR FINANCES EVEN BETTER. 00:00:42.598 --> 00:00:44.733 DAGEN: THEY WANT INFORMATION 00:00:43.732 --> 00:00:46.902 AS WELL, LET ME TALK ABOUT 00:00:44.867 --> 00:00:48.337 EXPENSES FOR A MOMENT, YOU 00:00:47.035 --> 00:00:50.405 HAVE INDICATED, THAT EXPENSES 00:00:48.470 --> 00:00:52.908 WILL GO DOWN IN 2019. 00:00:50.539 --> 00:00:53.609 >> CORRECT. 00:00:53.041 --> 00:00:55.677 DAGEN: ARE YOU EXPECTING, 00:00:53.742 --> 00:00:55.978 DOWN OR A BILLION DOLLARS OR 00:00:55.811 --> 00:00:57.646 MORE? 00:00:56.111 --> 00:00:59.548 >> IT GOOD QUESTION WHAT WE 00:00:57.779 --> 00:01:01.650 HAVE COMMITTED TO, IS TO 00:00:59.681 --> 00:01:03.952 REDUCE THE RUN RATE OF 00:01:01.783 --> 00:01:05.087 EXPENSES, FOR THIS YEAR, BY 00:01:04.086 --> 00:01:07.656 TWO BILLION DOLLARS SO THAT IS 00:01:05.220 --> 00:01:09.157 FOR 2018 BY END OF THE YEAR, 00:01:07.789 --> 00:01:10.025 WE ARE TAKING THAT ENTIRE TWO 00:01:09.291 --> 00:01:11.193 BILLION DOLLARS, AND 00:01:10.158 --> 00:01:13.028 REINVESTING IT BACK INTO THE 00:01:11.326 --> 00:01:16.565 BUSINESS, FOR THE LONG TERM, 00:01:13.161 --> 00:01:17.299 AND THEN WE MADE AN ADDITIONAL 00:01:16.698 --> 00:01:20.502 TWO BILLION DOLLARS COMMITMENT 00:01:17.432 --> 00:01:28.210 FOR 2019 SO BY THE END OF THAT 00:01:20.636 --> 00:01:29.778 YEAR ALL THAT WILL FLOW NOT 00:01:28.343 --> 00:01:30.779 BOTTOM PIPELINE. 00:01:29.912 --> 00:01:32.214 >> MAIN MESSAGE. 00:01:30.913 --> 00:01:34.917 >> YOU CAN BET ON WELLS FARGO 00:01:32.347 --> 00:01:36.552 AB TERRIFIC HISTORY IN THIS 00:01:35.050 --> 00:01:38.086 COMPANY GREET PEOPLE GREAT 00:01:36.685 --> 00:01:40.022 PRODUCTS GREAT CUSTOMER BASE, 00:01:38.220 --> 00:01:40.689 THERE IS NO QUESTION WE HAVE 00:01:40.155 --> 00:01:43.158 CHALLENGES WE HAVE TALKED 00:01:40.822 --> 00:01:43.959 ABOUT THOSE WE'VE GOT TO 00:01:43.292 --> 00:01:44.860 REBUILD TRUST WITH 00:01:44.092 --> 00:01:46.261 STAKEHOLDERS IN TERMS OF 00:01:44.993 --> 00:01:48.597 DIRECTION FOR THE COMPANY, I 00:01:46.395 --> 00:01:48.931 AM VERY OPTIMISTIC ABOUT THE 00:01:48.730 --> 00:01:49.665 FUTURE. 00:01:49.064 --> 00:01:51.466 >> WHAT IS IT GOING TO TAKE 00:01:49.798 --> 00:01:53.168 FOR YOU TO FEEL LIKE ALL THE 00:01:51.600 --> 00:01:54.703 BAD NEWS IS OUT? 00:01:53.302 --> 00:01:56.204 AND NOW IN THE REAR VIEW 00:01:54.836 --> 00:01:56.505 MIRROR THAT IS WHAT PEOPLE 00:01:56.338 --> 00:01:58.307 WANT. 00:01:56.638 --> 00:02:00.776 >> TIME, IT IS TIME MARIA 00:01:58.440 --> 00:02:02.578 WON'T BE ONE DAY IT IS NOT 00:02:00.909 --> 00:02:03.912 LIKE A MAGIC SWITCH IS GOING 00:02:02.711 --> 00:02:04.580 TO GET FLIPPED NEXT FRIDAY 00:02:04.046 --> 00:02:06.415 ANYTHING LIKE THAT WE ARE 00:02:04.713 --> 00:02:07.683 GOING TO LOOK BACK IN REAR 00:02:06.548 --> 00:02:09.718 VIEW MIRROR SIX MONTHS FROM 00:02:07.816 --> 00:02:10.619 NOW A YEAR FROM NOW SAY YOU 00:02:09.851 --> 00:02:12.854 KNOW WHAT WE HAVEN'T WELLS 00:02:10.752 --> 00:02:14.022 FARGO ON THE FRONT PAGE OF 00:02:12.988 --> 00:02:17.659 PAPER OR YOU HAVE NOT HAD TO 00:02:14.156 --> 00:02:18.694 REPORT ON US, STUFF EXCEPT 00:02:17.793 --> 00:02:23.131 GREAT EARNINGS. 00:02:18.827 --> 00:02:25.067 >> IN TERMS OF -- 401(k) 00:02:23.265 --> 00:02:25.767 ANYTHING ELSE PEOPLE CAN WORRY 00:02:25.200 --> 00:02:26.201 ABOUT DISCLOSURES ABOUT ANY 00:02:25.901 --> 00:02:28.904 OTHER AREAS. 00:02:26.335 --> 00:02:29.938 >> AS I MENTIONED WE HAVE 00:02:29.037 --> 00:02:31.473 CHANGED OUR LEVEL OF 00:02:30.072 --> 00:02:33.008 DISCLOSURE AT THE COMPANY TO 00:02:31.607 --> 00:02:34.176 BE VERY, VERY TRANSPARENT IF 00:02:33.141 --> 00:02:35.744 THERE IS A CONCERN THAT WE 00:02:34.309 --> 00:02:38.580 HAVE WE WILL DISCLOSE IT 00:02:35.877 --> 00:02:38.847 NOTHING MORE TO DISCLOSE RIGHT 00:02:38.714 --> 00:02:39.681 NOW. 00:02:38.981 --> 00:02:41.483 >> WOULD YOU LIKE TO ADD 00:02:39.815 --> 00:02:41.817 ANYTHING ELSE I MAY HAVE 00:02:41.617 --> 00:02:42.985 MISSED. 00:02:41.950 --> 00:02:44.419 >> ONE ANNOUNCEMENT THAT WE 00:02:43.118 --> 00:02:47.823 MADE ABOUT A WEEK AGO WAS OUR 00:02:44.553 --> 00:02:49.558 COMMITMENT TO THE ENVIRONMENT. 00:02:47.956 --> 00:02:51.259 AND WE'VE HAD A VERY FOCUSED 00:02:49.691 --> 00:02:54.096 COMMITMENT TO THE ENVIRONMENT 00:02:51.393 --> 00:02:54.830 IN TERMS OF OUR CLEAN 00:02:54.229 --> 00:02:57.165 TECHNOLOGY IN TERMS OF WELLS 00:02:54.963 --> 00:03:01.637 FARGO IS RESPONSIBLE FOR THE 00:02:57.299 --> 00:03:04.539 EQUITY ABOUT 9% ALL CREATED IN 00:03:01.770 --> 00:03:06.708 2016 LAST YEAR FOR EXAMPLE, WE 00:03:04.673 --> 00:03:09.177 GENERATED MORE THAN 100% OF 00:03:06.842 --> 00:03:11.647 OUR THE ENERGY WE NEEDED TO 00:03:09.311 --> 00:03:13.548 OPERATE THE COMPANY. 00:03:11.780 --> 00:03:20.322 THROUGH RENEWABLE RESOURCES, 00:03:13.682 --> 00:03:21.223 BUT 10 DAYS AGO WE MADE A 00:03:20.455 --> 00:03:27.295 200-BILLION-DOLLAR COMMITMENT 00:03:21.356 --> 00:03:26.244 TO CLEAN TECHNOLOGIES 00:03:26.244 --> 00:03:27.029 TO CLEAN TECHNOLOGIE 00:03:27.029 --> 00:03:27.062 TO CLEAN RECHNOLOGIE 00:03:27.062 --> 00:03:27.095 TO CLEAN RENENOLOGIE 00:03:27.095 --> 00:03:27.129 TO CLEAN RENEWALOGIE 00:03:27.129 --> 00:03:27.162 TO CLEAN RENEWABLGIE 00:03:27.162 --> 00:03:27.195 TO CLEAN RENEWABLEIE 00:03:27.195 --> 00:03:28.563 TO CLEAN RENEWABLE E 00:03:27.429 --> 00:03:31.199 TECHNOLOGIES BY 2030 GOING TO 00:03:28.697 --> 00:03:32.000 CONTINUE TO HELP CONSUMERS 00:03:31.333 --> 00:03:32.801 TOWARD A HEALTHIER PLANET VERY 00:03:32.134 --> 00:03:34.436 PROUD OF THAT. 00:03:32.934 --> 00:03:35.137 >> A BIG NUMBER WHY SO 00:03:34.569 --> 00:03:36.338 IMPORTANT TO YOU -- 00:03:35.270 --> 00:03:37.939 >> BECAUSE IT IS IMPORTANT TO 00:03:36.471 --> 00:03:39.341 OUR CUSTOMERS AND TEAM 00:03:38.073 --> 00:03:41.143 MEMBERS, AND TO THE ECONOMY, 00:03:39.474 --> 00:03:42.444 THAT IS -- WE HAVE A BIG 00:03:41.276 --> 00:03:46.748 RESPONSIBILITY THIS IS LARGEST 00:03:42.577 --> 00:03:48.583 LENDER IN AMERICA WE TAKE THAT 00:03:46.882 --> 00:03:49.785 VERY, VERY SERIOUSLY WHEN WE 00:03:48.717 --> 00:03:52.788 LOOK AT OPPORTUNITIES TO MAKE 00:03:49.918 --> 00:03:58.360 A DIFFERENCE CONSISTENT WITH 00:03:52.921 --> 00:03:57.759 VISION AND VALUES, 00:03:57.759 --> 00:03:57.793 VISION AND VALUE , 00:03:57.793 --> 00:03:57.826 VISION AND VALUE RE 00:03:57.826 --> 00:03:57.859 VISION AND VALUE RENE 00:03:57.859 --> 00:03:57.893 VISION AND VALUE RENEWA 00:03:57.893 --> 00:03:57.926 VISION AND VALUE RENEWABL 00:03:57.926 --> 00:03:57.959 VISION AND VALUE RENEWABLES 00:03:57.959 --> 00:03:59.995 VISION AND VALUE RENEWABLES, 00:03:58.493 --> 00:04:00.395 CLEAN TECHNOLOGY A BIG 00:04:00.128 --> 00:04:01.129 OPPORTUNITY. 00:04:00.529 --> 00:04:02.397 >> HOW MUCH OF THE EARNINGS 00:04:01.263 --> 00:04:03.632 BUMP THAT YOU ARE SEEING THE 00:04:02.531 --> 00:04:07.169 DUE TO TAX CUT PLAN. 00:04:03.765 --> 00:04:09.805 >> WELL FOR THIS YEAR IT WILL 00:04:07.302 --> 00:04:11.873 BE ABOUT TENNISH PERCENT PLUS 00:04:09.938 --> 00:04:15.110 OR MINUS DEPENDS. 00:04:12.007 --> 00:04:16.211 >> SO WHAT DO WE DO THAT WITH 00:04:15.243 --> 00:04:18.213 THAT REINVESTED INTO COMPANY 00:04:16.344 --> 00:04:21.183 SOME GOING TO SHAREHOLDERS 00:04:18.346 --> 00:04:23.719 THAT IS THE WAYS WE INCREASED 00:04:21.316 --> 00:04:28.156 OUR THE MINIMUM WAGE FOR IF 00:04:23.852 --> 00:04:27.372 LOWEST PAID TO MINI15 00:04:27.372 --> 00:04:27.489 LOWEST PAID TO MINI1 00:04:27.489 --> 00:04:27.522 LOWEST PAID TO MINIMU 00:04:27.522 --> 00:04:27.556 LOWEST PAID TO MINIMUM 00:04:27.556 --> 00:04:27.589 LOWEST PAID TO MINIMUM 1 00:04:27.589 --> 00:04:29.391 LOWEST PAID TO MINIMUM 15 00:04:28.290 --> 00:04:31.159 DOLLARS AN HOUR LOOKED AT NEAR 00:04:29.524 --> 00:04:34.296 15 DOLLARS AN HOUR INCREASED 00:04:31.293 --> 00:04:35.897 WAGES FOR THAT GROUP, FOR 00:04:34.429 --> 00:04:37.165 80,000 TEAM MEMBERS WE 00:04:36.031 --> 00:04:38.900 INCREASED OUR COMMITMENT TO 00:04:37.299 --> 00:04:41.203 GIVING IN THIS COUNTRY WE 00:04:39.034 --> 00:04:44.840 INCREASED IT BY 40%, WE ARE 00:04:41.336 --> 00:04:47.075 GOING TO INCREASE FROM 2017 TO 00:04:44.973 --> 00:04:48.777 2018 TO FOUR HUNDRED MILLION 00:04:47.209 --> 00:04:50.812 DOLLARS, SO WE ARE DOING A LOT 00:04:48.910 --> 00:04:52.614 OF THINGS WHERE THAT BENEFIT 00:04:50.946 --> 00:04:54.850 NOT ONLY TO GROW THE ECONOMY, 00:04:52.748 --> 00:04:56.017 BUT TO MAKE A DIFFERENCE IN 00:04:54.983 --> 00:04:56.451 THE COMMUNITIES THAT WE DO 00:04:56.151 --> 00:04:57.919 BUSINESS IN. 00:04:56.585 --> 00:04:58.220 >> HOW DO YOU SEE THE ECONOMY 00:04:58.053 --> 00:04:59.454 TODAY. 00:04:58.353 --> 00:05:03.158 >> I THINK IT IS GOOD I MEAN I 00:04:59.588 --> 00:05:05.093 THINK 2.4% GDP GROWTH WHICH 00:05:03.291 --> 00:05:07.295 AGAIN WAS SLOWER THAN FOURTH 00:05:05.227 --> 00:05:08.563 QUARTER BUT WHEN YOU XA IRTO 00:05:07.429 --> 00:05:09.297 PRIOR FIRST QUARTERS OVER 00:05:08.697 --> 00:05:10.699 LASTLY FEW YEARS WAS VERY 00:05:09.431 --> 00:05:13.135 STRONG THAT IS WHY THE 00:05:10.832 --> 00:05:14.770 PERSONAL INCOME NUMBERS, AND 00:05:13.268 --> 00:05:16.004 OVERALL INCOME WERE STRONG 00:05:14.903 --> 00:05:16.671 SPENDING WAS STRONG. 00:05:16.138 --> 00:05:18.073 CONSUMERS CLEARLY TOOK A 00:05:16.805 --> 00:05:20.208 LITTLE BIT OF A TIME OFF IN 00:05:18.206 --> 00:05:21.176 JANUARY, FEBRUARY, MARCH SEEMS 00:05:20.342 --> 00:05:22.043 TO BE STRONGER SO WE ARE 00:05:21.309 --> 00:05:24.412 OPTIMISTIC THAT WE ARE GOING 00:05:22.177 --> 00:05:26.114 TO SEE A GDP THIS YEAR THAT IS 00:05:24.546 --> 00:05:27.349 ABOVE 3%.