Press Release
Published February 14, 2018 | View complete press releases list |
Wells Fargo CEO Sloan says bank is stable after Fed-imposed restrictions
Date: February 14, 2018
Categories: Bank stability, ceo, Operational Risk Management, Risk & Performance
Keywords: Wells Fargo
Wells Fargo Chief Executive Officer Tim Sloan reiterated that the bank was stable after the U.S. Federal Reserve imposed several regulatory restrictions, and said there was no change to his cost-cutting measures.
Speaking at Credit Suisse's financial services conference at Key Biscayne, Florida, Sloan said his company had plans in place to address the Fed's concerns about its ability to improve
governance and controls after the sales scandal that erupted in 2016.
The U.S. federal reserve in early February imposed several regulatory restrictions on the third-largest U.S. bank - a move that Wells estimates will cut its annual profit by $300 million to $400 million this year.
Re-disseminated by The Asian Banker from CNBC.com
