Wells Fargo CEO Tim Sloan just took a bipartisan battering
Wells Fargo CEO Tim Sloan took a bipartisan battering in front of the House Financial Services Committee, as lawmakers blasted the executive for a series of scandals engulfing the bank.
Chairwoman Maxine Waters, a California Democrat, called the bank “too big to manage” as ranking member Patrick McHenry, a North Carolina Republican, got the CEO to admit that the bank is operating under 14 different consent decrees from federal regulators. Asked if there were more scandals to come, Sloan said he was not aware of any. In prepared testimony, Sloan said he was there to discuss the transformation of the bank into “the most customer-focused and innovative Wells Fargo ever.”• Sloan said he’s had no conversations with the Office of the Comptroller of the Currency about pushing out top executives.
• Rep. Katie Porter, a California Democrat, asked Sloan about a 2017 statement about restoring trust and all key stakeholders. When Sloan agreed that the statement “means something” to him, she then asked Sloan why lawyers for the bank in a federal court called them “paraidgmatic examples of non-actionable corporate puffery, on which no reasonable investor should rely.”
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