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

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

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?"

Latest News

American Express to make job cuts as AI revolution ramps up
American Express to make job cuts as AI revolution ramps up

“We needed to become a more agile and efficient organization,” said American Express CEO Stephen Squeri.

SEC’s 2027 exam priorities put RIA conflicts and cyber risks in focus
SEC’s 2027 exam priorities put RIA conflicts and cyber risks in focus

Examiners will scrutinize fee conflicts, complex products and super intelligence threats as broker-dealers face fresh Reg BI and AML reviews

Fintech bytes: SEI, FinTurk and Powerlytics unveil new advisor tools
Fintech bytes: SEI, FinTurk and Powerlytics unveil new advisor tools

New launches tackle succession planning, AI-driven email management and heir retention ahead of the great wealth transfer

Private equity is knocking. Who should be in your corner?
Private equity is knocking. Who should be in your corner?

For sellers weighing PE deals, due diligence shouldn't end with the offer on the table – the acquiring platform and the M&A advisor deserve a hard look as well.

Freehold Wealth Management brings $576M to Osaic in multigenerational move
Freehold Wealth Management brings $576M to Osaic in multigenerational move

South Carolina estate planning firm joins Osaic’s IBD network, citing succession planning tools and multigenerational growth resources.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor