Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 


SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Wells Fargo hires new law firm to prepare CEO for Senate appearance

09/22/2017 | 10:05pm EST
Tim Sloan, CEO and President of Wells Fargo & Co., speaks during the Milken Institute Global Conference in Beverly Hills

NEW YORK (Reuters) - Wells Fargo & Co. has hired law firm Sidley Austin to take the lead in preparing Chief Executive Tim Sloan for his appearance before the U.S. Congress next month to answer questions about a year-long sales practices scandal, according to four sources with knowledge of the decision.

Sloan will appear before the Senate Banking Committee, which writes rules for his industry, at a hearing titled "Wells Fargo: One Year Later," on October 3.

Wells Fargo spokeswoman Jennifer Dunn declined to comment. No one from Sidley Austin was available to comment outside of office hours.

The testimony will be Sloan's first congressional appearance since he took over as CEO in October of last year, roughly a month after Wells Fargo reached a settlement with regulators over the creation of as many as 2.1 million unauthorized accounts.

The bank has since disclosed problems with other products, including auto and life insurance, and recently revised its estimate for the number of accounts that were potentially opened without customers' authorization to 3.5 million.

In his own congressional appearances last year, Sloan's predecessor, John Stumpf, often lacked answers to questions posed by legislators. Massachusetts Senator Elizabeth Warren accused him of "gutless leadership." He left the bank less than a month later and was replaced by Sloan.

The law firm that prepared Stumpf for his testimony, Gibson Dunn, will still be working for Wells Fargo, but in a supporting role, said one of the sources.

No one from Gibson Dunn was immediately available to comment outside of office hours.

Hundreds of outside law firms work for Wells Fargo on various matters, and the bank's new general counsel, Allen Parker, recently hired a new chief operating officer for the legal team, Tom Trujillo, who is reviewing those relationships.

The hiring of Sidley Austin, however, was directed by Wells Fargo's government affairs office, said one of the sources.

(Reporting by Dan Freed; Editing by Carmel Crimmins and Mary Milliken)

By Dan Freed

© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
DEERE & COMPANY 1.09% 372.24 Delayed Quote.8.56%
TEAM, INC. -4.37% 0.6494 Delayed Quote.-40.42%
THE LEAD CO., INC. -11.93% 539 Delayed Quote.19.53%
WELLS FARGO & COMPANY 1.03% 54.14 Delayed Quote.12.84%
All news about WELLS FARGO & COMPANY
12:07aU.S. economy likely regained steam in Q4, 2021 growth seen best in 37 years
01/26Wells Fargo Weighs $1 Billion Hong Kong Bank Stake Sale, Bloomberg Reports
01/25Canada's Stock Market Throws Up Another Wild Trading Day
01/25Russia Unlikely to Invade Ukraine; Will Lose Consumer, Technology Imports, Wells Fargo ..
01/25Wells Fargo Reportedly Exploring Sale of $1 Billion Minority Stake in Hong Kong Lender
01/25Wells Fargo Boosts Dividend
01/25Wells Fargo Raises Quarterly Dividend by $0.05 to $0.25 a Share, Payable March 1 to Sto..
01/25Wells Fargo & Company Increases Common Stock Dividend
01/25Wells Fargo & Company Increases Quarterly Common Stock Dividend, Payable on March 1, 20..
More news
Analyst Recommendations on WELLS FARGO & COMPANY
More recommendations
Financials (USD)
Sales 2021 75 880 M - -
Net income 2021 19 587 M - -
Net Debt 2021 - - -
P/E ratio 2021 11,4x
Yield 2021 1,11%
Capitalization 210 B 210 B -
Capi. / Sales 2021 2,77x
Capi. / Sales 2022 2,87x
Nbr of Employees 249 435
Free-Float -
Duration : Period :
Wells Fargo & Company Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WELLS FARGO & COMPANY
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 27
Last Close Price 54,14 $
Average target price 60,36 $
Spread / Average Target 11,5%
EPS Revisions
Managers and Directors
Charles William Scharf President, Chief Executive Officer & Director
Michael Santomassimo Chief Financial Officer & Senior Executive VP
Steven D. Black Chairman
Saul van Beurden Senior Executive VP & Head-Technology
Gary Owen Chief Information Security Officer