The day after former Wells Fargo & Co Chief Executive Tim Sloan told U.S. lawmak...
NEW YORK/WASHINGTON - The day after former Wells Fargo & Co Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees.
Brainard told the group she was there to listen and get insight into the mood among Wells Fargo staff but declined to say if or how the Fed would respond, the sources said. Wells Fargo spokesman Mark Folk declined to comment on regulatory matters but disputed the employee group’s characterization of the bank’s culture.
Internal and regulatory probes have since discovered other issues in the bank’s businesses, resulting in billions of dollars in fines and penalties. The bank internally published a write-up about the survey, saying Wells Fargo found itself at a “challenging and interesting” crossroads. Some employees felt that the description sugar-coated the findings, sources said.
An analysis of the survey Wells Fargo published publicly showed only 38 percent of employees felt senior management understood obstacles faced by frontline workers.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Warren Buffett on search for Wells Fargo CEO: 'They shouldn't come from JP Morgan or Goldman Sachs'Buffett warned that candidates from Wall Street would draw too much scrutiny from Congress.
Read more »
Warren Buffett urges Wells Fargo to look beyond Wall Street for next CEO: FTWarren Buffett, Wells Fargo & Co's largest shareholder, urged the bank to l...
Read more »
Warren Buffett has weighed in on what kind of CEO Wells Fargo should hireWarren Buffett, Wells Fargo's largest and most powerful shareholder, doesn't want the troubled bank to hire a CEO from Wall Street.
Read more »
Stocks making the biggest moves premarket: Boeing, Wells Fargo, Morgan Stanley, GE & moreSome of the names on the move ahead of the open.
Read more »
Oil prices spike; Tech pressure; Warren Buffett's tip for Wells FargoToday’s top business headlines with ChristineRomans before the opening bell: - Kudlow: Trump's tariff threat a 'warning' - Major averages rise in the first quarter - Weak first quarter earnings expected - Netflix teases possible Beyoncé documentary
Read more »
Wells Fargo downgrades Harley-Davidson on weak market and tariff worriesIconic American bike motorcycle manufacturer Harley-Davidson has embarked on an ambitious plan to revamp its product line and attract new riders, but investors still think it has a lot of work ahead of it.
Read more »
Great Crisis Management is Counter-Intuitive: That's Why Boeing, Wells Fargo Are Getting It So WrongTruly effective, inspired crisis management is not a management or leadership skill you learn at Business School — or Law School. It’s also not always what you learned in your last crisis, leadership position, or board. The best crisis management is counter-intuitive, sometimes even illogical.
Read more »
Stocks making the biggest moves premarket: Boeing, Wells Fargo, Lyft, Nio, Disney & moreSome of the names on the move ahead of the open.
Read more »
Wells Fargo and other banks making millions of dollars off college studentsBanks charged college students nearly $25 million in fees on debit cards that are often used to dispense financial aid funds, according to a new report from U.S. Public Interest Research Group.
Read more »