QUORUMCALL//GPT:
Sen. Elizabeth Warren has called on the Federal Reserve to retain its growth restriction on Wells Fargo following a series of scandals within the company.
KEY POINTS
• Sen. Warren has written to Fed Chair Jerome Powell asking him to keep the growth restriction on Wells Fargo in place until Tim Sloan is replaced as CEO and there is evidence of improved governance.
• The Massachusetts senator has consistently criticized Wells Fargo for its sales practices and governance since the scandal broke in 2016.
THE BACKSTORY
• Wells Fargo has been under a cloud since 2016 when it emerged that employees had opened millions of fake accounts to meet sales targets.
• The bank is currently restricted from growing any larger than its asset size at the end of 2017 ($1.95T) until it improves governance and controls.
TOPICS COVERED
#WellsFargo #FederalReserve
NOTE
This story is reported by Seeking Alpha, a stock market insights and financial analysis publication.