A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co's ...
WASHINGTON - A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co’s pick for its next chief executive, a development that could complicate the scandal-hit lender’s efforts to find a permanent replacement for CEO Tim Sloan.Joseph Otting, the Comptroller of the Currency , told Congress he would use special legal powers that the regulator typically reserves for overseeing financially troubled lenders to review any proposed candidate.
“At this point in time I do not have plans to release that information,” Otting told Warren in a heated exchange. Otting said the OCC remains disappointed by the bank’s progress on fixing risk management and governance problems that led to a number of customer abuse scandals, including in its mortgage and auto lending businesses.Sloan abruptly departed in late March, making him the second CEO to leave Wells Fargo following its sales practice scandal. He has said he stepped down because the external attention on him had become a distraction.
Intense congressional and regulatory scrutiny is likely to narrow the field of CEO candidates. Wells Fargo’s board is looking for an outsider following criticism that company veterans are incapable of turning things around.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo CEO search hobbled by pay limitations: sourcesWells Fargo & Co's hunt for a new CEO is being impeded by limits on how muc...
Read more »
Wells Fargo creates new unit focused on regulatory complianceWells Fargo & Co is creating a new unit tasked with satisfying U.S. regulatory r...
Read more »
There are two events ahead that could be big stock market movers, Wells Fargo saysEvery strike in the U.S.-China trade war has captivated markets this month, but the options market may be discounting even more big swings coming down the pipeline.
Read more »
Private prison company GEO Group is worried that public pressure to divest could hurt its bottom lineJP Morgan and Wells Fargo divested from private prisons after a massive public pressure campaign. GEO Group is worried about what may come next.
Read more »
Saving for retirement depends on whether you listen to The Beatles or Bon JoviPreparing for retirement looks a lot different for baby boomers than it does for millenials. A new report from the Wells Fargo Investment Institute, titled 'Reimagining Retirement,' offers tips on how the different generations can be able to comfortably exit the workforce.
Read more »
Wells Fargo CEO search hobbled by pay limitations: sourcesWells Fargo & Co's hunt for a new CEO is being impeded by limits on how muc...
Read more »
There are two events ahead that could be big stock market movers, Wells Fargo saysEvery strike in the U.S.-China trade war has captivated markets this month, but the options market may be discounting even more big swings coming down the pipeline.
Read more »
Wells Fargo creates new unit focused on regulatory complianceWells Fargo & Co is creating a new unit tasked with satisfying U.S. regulatory r...
Read more »
U.S. CEO group says rising U.S.-China tariffs could hurt economyBusiness Roundtable, a group of U.S. corporate chief executive officers, said on...
Read more »
U.S. regulators approve new Silicon Valley stock exchangeU.S. regulators on Friday approved a new stock exchange that is the brainchild o...
Read more »