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.
Readers debate the merits of activist pressure on bank business, discuss the Trump administration's influence on the CFPB, consider Wells Fargo CEO Tim Sloan's performance before Congress and more.
House Financial Services Committee Chairwoman Maxine Waters said the CEO's 2018 bonus was "outrageous and wholly inappropriate" and called for his removal.
It was a 5.7% raise from the previous year. His total compensation was the smallest among the CEOs of the six biggest U.S. financial institutions, but his salary was the largest.
The OCC says it is “disappointed” with the bank as CEO Tim Sloan gets lambasted on Capitol Hill; Goldman Sachs is letting private investors participate in its in-house special-situations unit.
In a tense back and forth with lawmakers, the embattled CEO pushed back on claims that the bank still pressures employees to hit sales targets and retaliates against those who speak up.
