toptestmotor.com
toptestmotor.com Agosto 16, 2018


Wells Fargo CEO to Issue Apology

04 Octubre 2017, 11:29 | Verda Sainz

Bloomberg Bloomberg via Getty Images

Bloomberg Bloomberg via Getty Images

Appearing before a Senate committee this morning, Wells Fargo (WFC -0.9%) CEO Tim Sloan is sitting there and taking it, and showing the expected remorse for his bank's actions regarding the account opening scandal.

The exchanges between Sloan and lawmakers were similar to the beating Wells Fargo took on Capitol Hill previous year when its former chief executive John Stumpf was pummeled by lawmakers for hours as he attempted to explain why the mega bank had created millions of fake accounts that customers didn't want or need.

Wells Fargo & Company is a bank holding company.

To view the full article, register now.

"Wells Fargo is not going to change with you in charge", said Warren, a prominent critic of Wall Street and a possible 2020 presidential candidate. Finally, Royal Bank Of Canada restated a "buy" rating and set a $60.00 price objective on shares of Wells Fargo & in a report on Friday, July 28th.

Sloan defended himself in front of the committee, saying he thinks Wells Fargo has taken significant steps to improve its reputation and that the actions he has taken has resulted in "fundamental change" at the company. "Either way, you should be fired".

Investigators and the bank have revealed that some 3.5 million accounts were affected by conduct in which employees enrolled customers into accounts without their knowledge. Former CEO John Stumpf resigned amid the fallout of the scandal a year ago, after testifying before the committee.

After a few minutes of back and forth, Sloan was somehow incapable of producing a soundbite decrying Wells Fargo's notoriously aggressive sales culture, leaving an argumentative hole wide enough for Warren to drive a truck of populist rage through...

The Wells Fargo account fraud scandal is an ongoing controversy surrounding the creation of millions of fraudulent accounts on behalf of Wells Fargo clients without their consent.

In the months since that revelation, it has emerged that the scandal goes far deeper-with bill payment services, vehicle insurance, and mortgage adjustment foisted upon more than a million customers without their consent. During the same period past year, the company posted $1.01 earnings per share. Despite the departures of Stumpf and Tolstedt, much of the bank's senior leadership has stayed in place.

Sloan said on Tuesday he was "confident" no more than 3.5 million unauthorized accounts were opened. "You went on television to blame thousands of $12-an-hour employees who were just trying to meet cross-selling quotas that made you rich". It's not the product selection. "If you haven't changed the people, it's quite hard to change to culture".

Traders sold shares of Wells Fargo & Company (NYSE:WFC) on strength during trading on Tuesday.

"I have made mistakes".

"I apologize for the damage done to all the people who work and bank at this important American institution", Sloan said. "I couldn't disagree more with nearly everything Senator Warren said". A company-wide review of Wells' sales practices also revealed that the bank force-placed auto insurance for certain auto loan customers that were already covered by a vehicle insurance policy.

"WARREN: Well, here are the transcripts from all of the investors" earnings calls that you participated in from 2011 to 2014.

As for whether that criticism still applied to Sloan, he was less sure. Lawmakers also asked whether Wells Fargo "discovered other types of misconduct", such as insurance products. Heidi Heitkamp (D-N.D.) berated Sloan for claiming to be unaware of ongoing litigation over the scandal, and recent NPR reporting on Wells' wrongful vehicle repossessions. "This is problematic for us, because we need to see that there is a culture change, that there is a reaction to these kind of consumer failures".



Otras noticias

Tendencias Ahora

Amid slowdown, government expects RBI to cut interest rate today
Nominal GVA slowed down to 7.9% - lower from 11.3% in last quarter. "Also, RBI may want to look at more data to cut rates". The Government has already implemented stringent policies like RERA which is increasing the confidence of buyers.

Pence says he never discussed prospect of Tillerson resigning
Hammond denied to NBC News , just as Tillerson did in a statement Wednesday, that Tillerson had considered resigning. The straight-laced Pence has even spoke to Tillerson about being respectful to the president in private and public.

Dodgers, Indians Are Betting Favorites In MLB Playoffs
They are remembered for being swept by the New York Giants in a time when The World Series was the only postseason baseball knew. Boston won the AL East for the second-consecutive season, but look to avoid being bounced out in their first series again.

Motive for Las Vegas concert massacre baffles
She could reveal more clues about Paddock's motives when investigators interview her. "She gets to eat pizza - and I don't". Danley was not believed to be involved in the shooting "at this time", law enforcement officials told reporters on Monday.

Piden prisión preventiva para Jorge Glas, vicepresidente de Ecuador
Aseguró que probará su inocencia ante la justicia que tiene fe "en que se imponga". Glas ha insistido que no renunciará al cargo. Solo les queda el linchamiento.

How did Las Vegas shooter amass arsenal of firearms? And totally legal
In 1984, in San Ysidro, California, James Huberty topped Whitman by shooting and killing 21 people at a McDonald's restaurant. What has Trump said about the mass shooting? When they finally answered the door, a SWAT team barged into the room.

GM announces plan for more electric vehicles
EVs remain just a sliver of US sales and demand largely is regulatory-driven, but GM expects mainstream adoption of the cars soon. It's not exactly clear how much oil demand could be displaced by a dramatic increase in electric vehicles over the next 10 years.

Donors wait for hours to give blood after Las Vegas shooting
It happened in Las Vegas and now there's a shortage and numerous more than 500 people injured are in need of it. A donation of whole blood can be made every eight weeks, and platelet donors can come in every two weeks.

European Union remains silent over violence at Catalonia indolence referendum
Barcelona's massive wholesale market has been left deserted as some 770 food businesses have closed for the day. Catalonia is located on the eastern part of the Iberian Peninsula and has a population of 7.52 million people.

Most Of Chicago's Illegal Guns Come From Trump Country, Rep. Says
Mark Kelly called gun violence an "epidemic" and denounced the gun silencer bill in a news conference Monday. Before the fact, he would have been hard to profile, to target as a potential mass shooter.