Wells Fargo has reformed, says Tim Sloan, the bank's boss. But lawmakers and regulators are still furious
not been able to keep Wells Fargo out of trouble,” Maxine Waters told Tim Sloan, the chief executive of America’s fourth-biggest bank, on March 12th. Ms Waters, the Democrat who since January has chaired the House of Representatives’ Financial Services Committee, is not alone in her ire. Patrick McHenry, the committee’s senior Republican, piled in too.
Investors are grumbling too. Wells’s share price fell by 24% in 2018 . The asset cap, which Mr Sloan expects to stay in place all this year, is starting to bite, while rival megabanks can take advantage of America’s robust economy to lend more. In recent times Wells has enjoyed a higher return on equity than its competitors. Last year it was overtaken by JPMorgan Chase.
The result, he claims, is a more customer-friendly bank. For instance, Wells has revised its overdraft rules, to make them more lenient on those who make mistakes. If a withdrawal is made the day before a customer’s monthly pay-cheque clears, the customer will no longer be charged.
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