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DJIA
FUTURES 25,295.00 -10.00 -0.04%
NASDAQ
FUTURES 7,385.00 -0.75 -0.01%
S&P 500
FUTURES 2,828.00 -0.50 -0.02%
Oil 69.03 +0.07 +0.10%



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WELLS FARGO CEO: ‘ABSOLUTELY OPEN FOR BUSINESS’

By Julia LimitonePublished April 30, 2018Business LeadersFOXBusiness

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WELLS FARGO CEO: WE HAVE A VERY CONSTRUCTIVE RELATIONSHIP WITH REGULATORS

Wells Fargo CEO Tim Sloan on the changes made after the bank's fake account
scandal.




Despite agreeing to pay $1 billion in fines, Wells Fargo is “absolutely open for
business,” CEO Tim Sloan told FOX Business.

Continue Reading Below



Earlier this month, the nation’s third-largest bank settled federal allegations
related to mortgage and auto-lending abuses. And while the Federal Reserve
required Wells Fargo in February not to increase the size of its balance sheet
beyond $1.95 trillion, Sloan said that order is not a death knell.

“We have almost a $2 trillion balance sheet at the end of last year –  the
underlying company is growing,” he said.  “We just need to balance being able to
operate underneath the asset cap that we have with the Fed and also service our
customers. We’re absolutely open for business.”


MORE FROM FOX BUSINESS

Treasury unveils ‘fix’ for restoring Fannie Mae, Freddie Mac Opens a New Window.
As Wells Fargo fined $1B, Mulvaney says ‘I have too much authority’ Opens a New
Window.
Wells Fargo CEO: We reached out to more than 120M customers



In another setback for Wells Fargo, the Labor Department said last week it’s
looking into the bank’s retirement plan practices.

Wells Fargo has been under regulatory scrutiny since 2016, when the Consumer
Financial Protection Bureau (CFPB) fined $100 million for the illegal practice
of secretly opening unauthorized deposit and credit card accounts.

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Sloan said he is “confident” the company has made the necessary changes to
improve risk management in the company and he added that regulators would not
stop the company from paying dividends.




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DJIA
FUTURES25,295.00-10.00-0.04%
NASDAQ
FUTURES7,385.00-0.75-0.01%
S&P 500
FUTURES2,828.00-0.50-0.02%
Oil69.03+0.07+0.10%
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