Bloomberg reported that at a recent investor conference, Wells Fargo chief executive John Stumpf said the bank would suffer some fallout from a renewed European recession even though it has very few holdings there.

According to the Bloomberg story, Stumpf said the bank’s direct exposure to the continent is “almost nil” but “there would be some spillover” if Europe’s turmoil leads to another contraction in the region’s economy because it’s such an important trading partner. Stumpf also noted that the distress may make it easier for the bank to find acquisitions, Bloomberg said.

To read the full text of the Bloomberg story click here.