Wells Fargo vows it has turned over a new leaf
Wells Fargo says it’s a different bank today than it was two years ago — but maybe not different enough for regulators.
Chief Executive Officer Tim Sloan told investors at a conference last week that the bank aims “not only to meet but exceed regulatory expectations, so that we have the best risk management in the industry.”
Yet a new revelation about the company’s regulatory issues shows that will require a lot of work.
Over the summer, the Federal Reserve rejected parts of Wells Fargo’s plan to turn itself around and prevent further missteps, a person with knowledge of the decision said, following a Reuters report Thursday.
The bank’s scandals erupted in 2016 with the disclosure that employees created as many as 3.5 million accounts on behalf of customers who didn’t want them. The issues have since spilled over into the bank’s consumer-lending, wholesale and wealth-management units. the meat.
To help meet demand, the company is spending $45 million on a pork expansion project. The money will be used to upgrade its high-speed bacon lines and renovate a distribution center in Sioux Falls, South Dakota, according to a statement Thursday. It’s also rebuilding a hog facility and improving operations for seasoned ground pork, which is popular overseas.
While domestic pork supplies have been piling up amid Donald Trump’s trade war with China, the world’s largest consumer, pork belly prices are holding up. The cut used to make bacon is still 14 percent higher than the five-year average, according to data from the U.S. Department of Agriculture. according to a lawsuit claiming the company is deliberately neglecting to pay fees required to get their out-ofcourt process started.
This, the suit argues, after Uber successfully defeated drivers’ efforts to sue as a group in court for better pay and benefits, forcing them to resolve disputes in arbitration.
Uber is obligated to pay the costs of arbitration, according to the suit filed in federal court in Oakland, California. As a result of its delay tactics, Uber owes $18.8 million in arbitration fees, based on $1,500 per driver. Uber spokesman Matt Kallman declined to comment.
The arbitrations stem from a 2016 appeals court decision ruling Uber’s arbitration agreements with drivers are largely valid and enforceable.
Uber has long fought to classify its drivers as independent contractors instead of employees, saddling them with expenses, such as car mileage and