Wells Fargo CEO disputes claim the bank is too big to manage

Sloan tells the House Financial Services Committee that Wells is working to address regulators' concerns

Mar 12, 2019 @ 2:52 pm

By Bloomberg News

Wells Fargo & Co. Chief Executive Officer Tim Sloan detailed efforts he's taken to turn the bank around and pushed back against a lawmaker's claims that it's too big to manage in testimony Tuesday before the House Financial Services Committee.

Mr. Sloan told the committee that the lender is working to address 14 open consent orders from regulators.

"It's my job as CEO to make sure things change, and they are changing," he said.

Maxine Waters, the California Democrat who chairs the panel, said a litany of scandals over the last three years and the Federal Reserve's unprecedented decision to impose an asset cap prove the bank is too big to manage. Mr. Sloan disagreed.

"You have not been able to keep Wells Fargo out of trouble," Ms. Waters said. "Why should Wells Fargo continue to be the size that it is?"

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