Wells Fargo CEO Sloan says bank stable after Fed-imposed restrictions

Wells Fargo CEO Sloan says bank stable after Fed-imposed restrictions

Wells Fargo & Co Chief Executive Officer Tim Sloan on Tuesday 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.

Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee
Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, U.S., October 3, 2017. REUTERS/Aaron P. Bernstein

REUTERS: Wells Fargo & Co Chief Executive Officer Tim Sloan on Tuesday 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 US$300 million to US$400 million this year.

(Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel)

Source: Reuters

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