WFMS is a joint venture that is owned 40% by a wholly owned subsidiary of the Company and 60% by Wells Fargo Bank.

The Company acquired its 40% ownership in WFMS through its 2019 merger with First Data Corporation. The joint venture is expected to expire on April 1, 2025.

Upon expiration, the Company expects to receive a cash payment or assets equal to the value of its share of the joint venture, as determined in accordance with an agreed upon contractual valuation and separation process.

The Company estimates the impairment charge to be in the range of $400 million to $600 million. The Company does not expect the impairment to impact the Company's 2024 adjusted earnings per share because it is a non-cash impairment charge.

In addition, the Company does not expect to change its previously communicated medium-term performance outlook for 2025 and 2026 for organic revenue growth of 9-12% or adjusted earnings per share growth of 14-18% as a result of the expiration of the joint venture.