#tim sloan

[dailyvideovault]

New video posted on: https://dailyvideovault.com/wells-fargo-ceo-tim-sloan-steps-down-amid-many-scandals/

Wells Fargo CEO Tim Sloan steps down amid many scandals

[sataniccapitalist]

Elizabeth Warren calls on the Fed to demand Wells Fargo fire CEO Tim Sloan

Sen. Elizabeth Warren on Thursday sent a letter to Federal Reserve Chairman Jerome Powell calling on the Fed to maintain its growth cap on Wells Fargo until the bank replaces CEO Tim Sloan.

[devonj140]

Wells Fargo to Close Hundreds of Branches Wells Fargo had a pretty rough year. The bank announced this week that it will be closing 800 more branches by the end of 2020 in an effort to cut more than $4 billion in expenses.

[alcar-ancalime]

If only more people held these fraudulent bankers accountable for their actions, you know, like the other elected officials that are supposed to be looking out for the consumers who are also their constituents.

[sharewatch-com-blog]

Wells Fargo says no 2016 cash bonuses for eight senior executives Wells Fargo & Co said eight senior executives, including Chief Executive Tim Sloan and Chief Financial Officer John Shrewsberry, will not receive cash bonuses for 2016, as the bank looks to increase accountability following a sales scandal. Sourced through Scoop.it from: www.reuters.com

[thedealnewsroom]

Stumpf’s exit is not enough for Wells Fargo activists

Activist shareholders and Democratic lawmakers on Capitol Hill are pressing their campaigns to shake up the megabank's board and push for other changes despite the resignation of its CEO.

By Ronald Orol

Activist shareholders and Democratic lawmakers on Capitol Hill are pressing forward with their campaigns to shake up the board of Wells Fargo & Co. (WFC) and push for other changes even after the megabank announced Wednesday, Oct. 12, that its embattled CEO, John Stumpf, was resigning from the company.

Specifically, Stumpf's resignation comes in the wake of revelations a little more than a month ago that about 2 million customer accounts had been set up by the bank's employees without clients' knowledge or approval.

In early September, the bank disclosed a $185 million settlement with federal and local regulators over the accounts, which led to the dismissal of 5,000 employees over a five-year period and set off a firestorm of criticism. COO Tim Sloan will succeed Stumpf as CEO, and lead independent director Stephen Sanger will become chairman of the board.

A top official at CtW Investment Fund, an organization that advises pensions for unions belonging to the Change to Win labor group, however, said it was pressing forward with a campaign the fund had launched last month urging the embattled bank to add two directors to its board who understand human capital management. The fund advises funds representing roughly 12 million Wells Fargo shares.

"A new CEO alone does not fix the multileveled failures at Wells Fargo," CtW executive director Dieter Waizenegger said. "We are encouraged that the bank is finally enacting reforms, but it must look beyond the C-suite and make sure that strengthening board oversight is part of its succession plan."

Waizenegger added the board needs to review its approach to human capital management and make major changes to employment practices that determine pay, promotion and retention for customer service workers. The fund is urging Wells Fargo to seek out director candidates by reviewing a pool of executives who have worked at corporations that receive a high level of positive comments from employees, such as Trader Joe's, Costco Co. (COST) or Southwest Airlines Co. (LUV).

The CtW campaign continues as Wells Fargo's board continues an independent probe itself of the bogus accounts.

In addition, Stumpf's resignation doesn't mean that pressure on the ex-CEO will let up on other fronts. For example, investors said they are continuing a campaign they launched last month to have Stumpf removed from the board of Target Corp. (TGT) in the wake of the barrage of criticism.

According to BoardEx, a relationship mapping service of The Deal, Stumpf sits on the boards of Chevron Corp. (CVX) and Target and is an adviser to the Federal Reserve Bank of San Francisco. According to Target, Stumpf is on both risk and compliance and governance board subcommittees.

Investor gadfly John Chevedden, who frequently submits shareholder proposals, sent a letter to Target last month urging it to "re-evaluate" Stumpf's qualifications. After the announcement of Stumpf's resignation, Chevedden said he is continuing his effort. "Stumpf's resignation is a potent validation of the charges against him [and] makes him more disqualified to serve on the boards of Target and Chevron," Chevedden said.

In addition, another small investor took out an advertisement in the Minneapolis Star Tribune arguing that the retailer's legacy is endangered by the presence of Stumpf on its board.

Lawmakers on Capitol Hill berated Stumpf in two separate congressional hearings in recent weeks for failing to take action sooner. On Wednesday, some Democratic lawmakers said they were not appeased by Stumpf's resignation.

Sen. Sherrod Brown, D-Ohio, the top Democrat on the Senate Banking Committee, said in a statement that Stumpf's retirement doesn't answer many questions that remain.

"We are still waiting for answers as to how Wells Fargo plans to right its wrongs against customers and the low-paid employees who weren't given the benefit of a retirement package when they were fired for refusing to cheat," Brown said. "There must be accountability to fix the culture within Wells Fargo that encouraged cheating and left senior executives either unwilling or unable to stop it for far too long."

[ibusinesslines]

New Post has been published on ibusinesslines.com

New Post has been published on http://www.ibusinesslines.com/wells-fargo-sticks-knows-overseas-push/

Wells Fargo sticks to what it knows in overseas push

Wells Fargo & Co (WFC.N), the world’s biggest bank by stock market value, remains on the lookout to buy loan portfolios in Europe but is in no hurry to snap up an ailing bank to speed up its international growth, a senior executive told Reuters.

San Francisco-based Wells Fargo emerged from the financial crisis of 2008-2009 better placed than many rivals and is often touted as a possible buyer of banks around the world.

“A lot of banks have issues that we don’t have, so we’ll focus on what we’re good at,” said Tim Sloan, head of wholesale banking. “We’re not that interested in acquiring new businesses that we’re not familiar with.”

In the last three years Wells Fargo has bought a 4 billion pound ($6.4 billion) portfolio of UK commercial real estate loans from Commerzbank AG (CBKG.DE), paid 690 million euros ($862 million) to buy asset-backed lender Burdale and picked up a North American oil business from BNP Paribas SA (BNPP.PA), which also gave it an opening into the North Sea oil sector.

“The theme of all the acquisitions is they were good customers and in businesses we were very comfortable with,” Sloan said in an interview on Wednesday. “In terms of using our excess capital, those are the types of opportunities that make a lot of sense to us.”

The bank has a long history of acquisitions, including the purchase of U.S. bank Wachovia in 2008. Its shares have almost doubled since the start of 2012, potentially making it easier to use its own stock for deals.

INTERNATIONAL GROWTH

“Wells Fargo has been in the acquisition business for 162 years, but 99 times out of 100 those conversations just stay as conversations,” said Sloan, who was finance director for three years until May and has previously overseen strategic planning.

Only about 5 percent of Wells Fargo’s more than $80 billion in annual revenue come from outside the United States. Sloan said he expected international revenue to grow, but said the bank had not set any targets.

He said he saw an opportunity for the bank to grow its investment banking and capital markets business outside the United States. Wells Fargo has increased in size in Europe to more than 900 staff, from 600 at the start of 2012.

Most of those jobs are in London, where it runs its wholesale banking operation which mainly serves large and medium-sized U.S. companies who are expanding overseas and European firms wanting to access the U.S. market.

It has targeted about 20 priority overseas markets, led by Britain, Canada, China and Germany, where its U.S. clients were most active.

“There are around 20 countries where it makes sense for us to provide on-the-ground support for these customers, because there’s the critical mass in these countries for our existing customers,” said Richard Yorke, head of international.

(1 US dollar = 0.6255 British pound)

(1 US dollar = 0.8005 euro)