Based on the grandstanding and soft-pedaling that Wells Fargo boss Tim Sloan endured Tuesday before the Democrat-led financial services committee, Wall Street has little to fear from the panel but the inconvenience. johnsfoley
Wells Fargo Chief Executive Tim Sloan appeared before the U.S. House Committee on Financial Services on March 12, in a hearing on “holding megabanks accountable.”
The lender has been fined by every one of its federal regulators over misdemeanors, including the creation of millions of false customer accounts by staff seeking to meet sales targets. The committee, which vets financial companies on behalf of the U.S. lower house, is led by Democratic Representative Maxine Waters of California, who introduced the bank as “a recidivist financial institution that causes widespread harm.”
Sloan is the first bank executive to be grilled by the committee since its chairmanship was taken over by Democrats following 2018’s midterm elections.
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