They haven't thrown in the towel yet, but comments by top executives at the two big banks suggested that their interest in finding financial services uses for distributed ledgers is wearing very thin.
Wells Fargo said Chief Executive Tim Sloan has the full support of its board following a report that directors had reached out to Goldman Sachs' former chief financial officer for his job.
Speaking at a press conference, Federal Reserve Chairman Jerome Powell said the bank’s risk management failures have required a dramatic overhaul of its processes.
BB&T-SunTrust deal came together with remarkable speed; Citi and Chase take on fintechs at their own game; CECL spells trouble for small banks, consumers; and more from this week’s most-read stories.
Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells.
Wells Fargo's leaders have repeatedly assured the public its aggressive sales culture is gone after quotas led workers to foist unwanted products on clients. Now another problem is festering: low productivity.
House Financial Services Committee Chairwoman Maxine Waters said the CEO's 2018 bonus was "outrageous and wholly inappropriate" and called for his removal.
