Wells Fargo CEO Sloan Says Financial Institution Secure After Fed-imposed Restrictions

Wells Fargo Chief Government Officer Tim Sloan on Tuesday reiterated that the financial institution was secure after the U.S. Federal Reserve imposed a number of regulatory restrictions, and stated there was no change to his cost-cutting measures.

Talking at Credit score Suisse’s monetary providers convention at Key Biscayne, Florida, Sloan stated his firm had plans in place to deal with the Fed’s considerations about its capacity to enhance
governance and controls after the gross sales scandal that erupted in 2016.

The U.S. federal reserve in early February imposed a number of regulatory restrictions on the third-largest U.S. financial institution – a transfer that Wells estimates will minimize its annual revenue by $300 million to $400 million this 12 months.

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