Wells Fargo CEO Sloan says bank stable after Fed-imposed restrictions


Aaron P. Bernstein | Reuters

Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.

Wells Fargo Chief Executive Officer Tim Sloan on Tuesday reiterated that the bank was stable after the U.S. Federal Reserve imposed several regulatory restrictions, and said there was no change to his cost-cutting measures.

Speaking at Credit Suisse’s financial services conference at Key Biscayne, Florida, Sloan said his company had plans in place to address the Fed’s concerns about its ability to improve
governance and controls after the sales scandal that erupted in 2016.

The U.S. federal reserve in early February imposed several regulatory restrictions on the third-largest U.S. bank – a move that Wells estimates will cut its annual profit by $300 million to $400 million this year.

Source link

Products You May Like

Articles You May Like

Barclays CEO names the next danger spot for markets: Credit
Florida shootings may complicate insurance for gun owners
Bitcoin blockchain consumes a lot of energy engineers changing that
Here’s why a big tax refund isn’t always good news
Facebook co-founder Chris Hughes wants $500 per month in basic income

Leave a Reply

Your email address will not be published. Required fields are marked *