Sen. Elizabeth Warren is opening a new front in a campaign against a familiar foe — demanding that the Federal Reserve keep its restrictions on Wells Fargo until Chief Executive Officer Tim Sloan is removed.
Earnings were bolstered by lower taxes and higher asset-servicing fees, but revenue was flat and analysts raised concerns about a shrinking deposit base.
The New York bank, which reported a 25% increase in third-quarter earnings Thursday, recently began serving digital-asset companies and private equity firms.
Commercial and industrial lending rose 8% in the third quarter at the Cleveland bank, but other factors drove its double-digit gain in profits as overall loan growth was modest.
Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information.
