i wanted customer harm. and if it ever occurred, i wanted detected through the banks control and monitoring processes and mediators quickly as possible. as you heard from mr. scharf yesterday the bank's compliance teams have added more than 300 employees since the end of 2017, more than doubling the size of that function in less than three years seconds, the board encouraged and supported the changes in senior management of the bank bringing a new capability in stimulating cultural change. since 2006 wells fargo has hired a new chief operating officer, chief risk officer, general counsel, chief auditor, chief compliance officer, head of hr, and head of technology. i've personally devoted much of 2019 to leading the search for a new ceo. and i am confident that we selected the best candidate to lead the bank. because i believe deeply in the critical role of culture in an organization like wells fargo, i was especially supportive of the culture mr. scharf is working to establish, one with clear priorities, bes

majority of our customers are.smart are we at the customer premise so we have the technology that can identify customer interruptions right down to the premise level. equal importance given the economic challenges we'll be experiencing if we haven't already, our abilities to caution the customer about the consumption rate and whether or not they are maybe using more than they might normally be accustomed to. >> thank you for joining us today. we appreciate it >> good luck to you. thank you. >>> the dow jones average up about 1200 points. we heard moment ago from new york governor with the latest numbers out of the state and the hardest hit regions. let's listen in. >> 18,000. that's the break down number of positive cases total 37,000 new cases 6400 the curve continues to go up the spread across the state continues, which is also what we expected just the way it spread all across the country we now just have several counties that don't have a single case. the overall number, 37,000 tested positive. 5,000 people hos

i have had so many customers one customer said, we had this vpn system in place.ickly can you turn on zscaler service for it we are removing those bottlenecks. network will get piece of it i don't think it's the biggest piece. >> there we go, the stock is doing well, your stock is up this week in a bad week. the founder and c.e.o., always good to see you, sir >> jim, thank you. seeing you appreciate the time. >> of course zscaler another company i like, doing so many good things. boy, american technology, got some great companies pharmaceuticals are great, too not giving up. stick with cramer. ♪ dad, i'm scared. ♪ it's only human to care for those we love. and also help light their way. it's why last year chevron invested over $10 billion to bring affordable, reliable, ever cleaner energy to america. ♪ at cdw, we get that trying to simplify data storage can get very complicated. but cdw will assist your needs and implement a dell emc unity xt all-flash unified storage platform. it delivers speed and efficiency, while providing simplicity and flexibility. for unifi

others i am a customer of the bank and have been a customer for 40 years. i am a customer that went from two to eight accounts and the lines of credit that i had when i just got out of law school got cut in half, but given a credit card for twice that amount with a big line of credit attached. things i never asked for just appeared. i know the abuses that occurred. i like my problem here, is there have been a lot of time that is past obviously. the court details, all of that. the board and some instances have taken some serious action with mr. stump with mr. sloan trying to deal with the consent, agreements betimes is kept passing. my questions to two, and you can answer them as you choose. i think there are three choices for me sitting up here. either your derelict in your duties and did not address these consent orders, or the culture of the bank needs to be changed pretty traumatically in terms of its personnel and operations, or the thing is just too big for any board, any manager to get their arms around it. it cannot be done. so if you could respond t

>> 265,000. >> how many are your customers facing? >> i don't know the answer to that but it has to be easily 100,000. >> do you have plans to respond to the current threats because of covid-19? and what is happening across the country in your footprint of california? >> absolutely. >> as well as washington state and other primaries that we've seen the outbreak? >> our approach over covid-19 is that we should do everything that we can to ensure the safety of our employees as well as be helpful for our customers. we have an open line with them wherever there is any concern the we encourage folks to work from home. yesterday, with 62,000 people locked in working from home. to the extent that there are issues in the institution will do everything we can to protect everyone else. >> thank you. >> let the record show that during this investigation all the information was shared with the republicans, they tried to rush the report out before we got ours out. this ranking member would like to have it both ways. >> madam chair -- >> one of per

i wanted customer harm. and if it ever occurred, i wanted detected through the banks control and monitoring processes and mediators quickly as possible. as you heard from mr. scharf yesterday the bank's compliance teams have added more than 300 employees since the end of 2017, more than doubling the size of that function in less than three years seconds, the board encouraged and supported the changes in senior management of the bank bringing a new capability in stimulating cultural change. since 2006 wells fargo has hired a new chief operating officer, chief risk officer, general counsel, chief auditor, chief compliance officer, head of hr, and head of technology. i've personally devoted much of 2019 to leading the search for a new ceo. and i am confident that we selected the best candidate to lead the bank. because i believe deeply in the critical role of culture in an organization like wells fargo, i was especially supportive of the culture mr. scharf is working to establish, one with clear priorities, bes

i know they will be helping their customers during the short term. we think it's going to be short term. >> do you mind if we asked the seals what they think of a stimulus package or measures might need to g make? so it's actually very good question has been asking myself. you've been hearing about the various forms off stimulus, theory different forms ofsk stimulus. what would you say would be appropriate under the circumstances? >> think the first thing at the first part of stresses the right answer. anything that gets out of the the most people and so keeping people who are -- become underemployed unemployed due to this. supplemental is the key thing. if you keep the broad group of american people with cash flow and money to buy goods and do things, the economy will be strong and those individuals will have this to the people we should take care. no question. anybody he was out with this virus is getting paid for as long as it takes. i would focus first on that level and then a second major thing is taking care of the healthcare problem. the healt

but now, families are the target customers.cause in a growing number of households, both partners work and laundry doesn't get done every day. people see going out to do laundry as a way to actually save time. and the look of the modern laundry is much more inviting. the washing machines are state of the art equipped with many functions. you can wash and dry your clothes in one of these at the push of a button. a task that would probably take three hours at home, is finished in about one hour. the machines can also handle big blankets and down duvets that don't fit easily into home washing machines. also, good for people with allergies. >> it's so fluffy now. i think i am going to be a regular customer. washing here is addictive. >> o one operator is tapping th latest technology t to attract customers. it offers an app that lets you reserve a machine ahead of time. there are also security options if you don't want people to see what you're washing, a click makes the machine window go dark. and you can lock the door with the app

pay using time ikea is now letting customers pay for goods with their time yes that's right the more time customers spend travelling to ikea the more they can buy because beginning from this month ikea dubai is running a campaign that will allow customers to spend their time as a currency simply by showing ikea checkout staff their google maps timeline which proves how much time they spent travelling to ikea stores now this is fascinating on a number of different levels 1st of all ikea is recognizing that time has value time has value in traditional financial markets time also has values and it's expressed in an interest rate a 2 year bond 5 year bond 10 year bond would yield greater interest because it is good for a greater amount of time and time has value so it's remarkable that we live in an era in the 21st century the era of negative interest rates which implies. is that not only does time have no value but the value of time is negative that's what wall

as a customer, i've been a customer of the bank for 40 years.i've had some of those issues in my own accounts. so i want to see the company right its ship and just do good. last thing is a softball i want to give you and that is if you are sitting up here, and you've got coronavirus, and you see small business potential victims as a recession. tourism industry, hospitality, and you couple that with this fight between russia and saudi arabia on oil, if you were sitting up here as a member of congress on the financial services committee thinking that a recession is potential, what should we be looking for in the financial sector generally to help stem off something that will get worse? >> congressman i would certainly look and ask the question what are the banks doing in order to do what they can to support all the individuals that are affected by this? we do not know how far it will go but we know it is significant. we know that there are things that we can do to help the individuals both at our own companies, the consumers who are our clients bu

i am a customer of your bank. you have been the leader helping to get the hardest hit funding to help folks out there we said we want to do good. but just to throw these up to the banks and not do this with the struggling homeowners. to come up with two two.$8 billion and this is thee hardest hit. of my issue with you is in a new position. not once you get in a bad situation you have to know how you got into the bad situation the first place. and it is unacceptable. that would be a good idea with the chief accountability officer. >> with the chief accountability officer for the branch banking business. >> so why is it you cannot assign him? with the banking regulators that we mentioned at the very beginning and after this hearing? all of the energy against responding to them. >> coming here before this committee before the answer was i don't know i called on him to be resign immediately with lack of knowledge this is a slap in the face to all members of the committee but most importantly because of his gross misma

you measure customer satisfaction?>> historically we used a third-party where they do mystery shopping in the branches and provide feedback directly to the branch and moving towards net promoter score. >> a couple quick thanks. can you talk about the board makeup? one of my questions for my colleague from new york, cleaning house, what is cleaning house look like so far? >> don't have numbers in front of me but something like 70% of the board is new since 2017. >> i heard 14 out of 16. that would be helpful. i see people behind you taking notes. at the end of the day can you describe what cultural changes need to happen? >> absolutely. >> time is expired. >> what changes are necessary and we can follow up in writing unless the chair is willing to give you 30 seconds. >> the gentleman's time has expired. mister clay, chair of the sub committee on housing, community developed, insurance, recognized for five minutes. >> thank you for your testimony. recently the student borrower protection center, an organization founded

they pay attention to the customer's needs. they look at the customer's needs. they look at the products that we have that meet those customer's needs. we're still the largest small business lender in the country. we're the largest lend they are low to moderate income areas. we're the largest mortgage lender. ing a cultural lender. and still important to our customers and they talk about how important they are there. >> would you agree, mr. quigley, the wells fargo reputation and brand is damaged. >> unarguable. >> would you -- do you believe it's irreparably damaged. >> i believe it can be recovered. and the plans that charlie reported yesterday looking again at the future of wells fargo, we're optimistic. we need and want a strong wells fargo. >> yesterday and some today we have talked about sales incentives that were provided to employees back under mr. sloane and what they are today. how do you compare the sales incentives for those employees toward versus those under sloane? >> the sales incentives were term terminated as soon as the board was informed. and

she's taken $200.00 from the fake customer got it. the police officers now want to find out if she is working under a pimp 2. so like. this whole. if you don't break you're going to pass off. it's impossible to know whether she is working for herself or for someone else despite her young appearance she is in fact to be very youthful and appearance but they verify she's 20. the police managed to arrest a 2nd prostitute later that evening but she is also of age. they got 2 girls tonight it was a good night they got to unfortunate in getting minors and then one girl was 20 and then a crow was 24. and they're not being trafficked they're doing it on their own. so they will get. taken to the jail they'll get a citation and released and hold out their own welfare always. being charged with prostitution means these 2 girls risk a $1000.00 fine and over 40 hours community service unfortunately the police haven't managed to arrest any underage girls tonight but their efforts to save these young girls from a life of prostitution will soon be re

giving as they say stock so this is all in the film customer so. we also want to actually doing with the stock and they donated to us they can claim in spite of points on a score card at the 5 that you're stopping. clothing from going to landfills and you also helping an employee a woman generate decent income. the women who work here are mainly single mothers and many used to be on employed by the clothing at a discount and sell it for profit. taking any labels off the items and making repairs. with my life was and we wanted it to be i wasn't suffering i was making as i made to before and then i had about to c.p.a. with that they teach people. to give us change in business and i always wanted to start a business but i never knew how and how i can get files so not all the items are new the women have a good idea what sells well. when anything special comes in there's always a run on it. the project empowers the women financially allowing them to build up their own microenterprise is and is also good for the environment. on a large portion of it was

so you don't think that's a future customer. >> now the same price.hink that's a good opportunity for investors. i pointed out some nays that at least come from ubs stanley black & decker, and jetblue. i get it, we are not ready for the airlines yet, but if you are adventurous and you want to buy very cheap stock,. >> at least not recommending a cruise line. so i am not going for that yet. they load the home improvement chain and young brands, knock and given a commentary on kfc's new chicken sandwich that has the two glazed donuts for buns, that's yummy brand. as a double digit earnings grower. jack: edson mays in one of that size is double earning. >> don't forget they have the tacos. jack: before we go, bennett went to ask, crazy week, big surge into the close, what you think happens monday, tuesday, wednesday next week? smack another 4%. so i don't thing the volatilities over yet. think we're going to see testing finally happen on the coronavirus here in the united states. we are going to see a spike of cases, the headlines are going to scare peop

scharf: we are moving the customer experience method of rewarding people to -- based upon what customer feedback directly is. mr. clay: i yield back. chair waters: the gentleman from colorado, mr. tipton, is recognized for five minutes. mr. tipton: thank you, madam chair. mr. scharf, thank you for being here. this little follow-up in terms of some of the sales goals. a lot of the reason that mr. sloan was here and now you was from sales goals and some of the initiatives that were put in place with false accounts that were opened. can you maybe expand on that a little more so i can understand how customer experience he, expanding some of those balances how that's going to be rewarded? and how to offset any further abuse? mr. scharf: yes, congressman. we have changed the entire compensation plan, but even beyond the compensation plan we have changed the management structure and the reporting. so that anything related to those sales goals that drove that behavior anti-management process that is went along with t are no longer there. the people who work in our branches regardless of level h

customers who have suffered harms. what are you doing to identify the harm and compensating them for that harm? >> what i have directed our people to do is to take a fresh look at every one of these instances where we farm consumers. ask the question, have we sized the answer properly? and what can we do to make sure that the work is done much more quickly than it has been to date? >> let me contrast what your predecessor said for example on mortgage foreclosures. he said they took a look and where they had made mistakes they sent 15,000 dollar checks to people, when they heard nothing back they thought it was probably satisfactory. is that your approach? >> our approach is to make sure that everyone who was harmed gets compensated properly. >> how do you calculate that? that's what i want to know. >> i'll be glad to talk -- to some examples of what that is piece by piece. >> i would love to know that but in a global way. so each and every person gets compensated. thank you very much and i wish you well with your work

but the business continues to flow the relationships with the customers are great. and the teams are just doing a fantastic job of keeping the factories running around the world so we can supply that demand >> keeping the factories running around the world, you run the risk be of oversupply. how tight is flash, how tight are drives >> i don't think we have an issue with an oversupply with the visibility we have at this point. i think the market is about where we anticipated it. you know, i wasn't here when the team anticipated comeing into th quarter. it's playing out about that way. we have all the factories running. we continue to -- it's a very dynamic environment. every morning it's something different in different places of the world so the team is adapting to that we think there is good demand out there. >> let's start with that for a moment because everyone is on pins and needles about this. i know, first of all, you immediately made a commitment to try to fight in this war against covid. second, you gave some very good examples about what you're doing in the

the big companies make good money off these young customers. the problem is that a lot of fields around the world are becoming souter. we'll talk to nutrition experts about how to deal with this problem. good shape. it's called d w. international women's day. we tell the stories of women around the world. their rights their struggles and their games during this. moment and grandpa hard for an independent self determined life. unafraid to speak out so i figured i would be developed a gallon given the chance to make the roads i'm afraid to stand out. on time not just on international women's day. on t.w. . 100 small themes in my city. where i come from raj your remains an important soft transmitting a new and more mission and when i was young my country was drawing. no more problems to prove. people want to cause our own project to see if. it was my job to train one off some god just say so as not everyone in the top 4 missing toes against. the gene cause being from inside my own codea enjoying not more. i was it's worth. my choise in the scottis

- "custom." "custom." - "custom." wayne: "custom," so what do you think "custom" is?or something. - or a custom hat. - oh! - or scarf. wayne: ooh, a custom hat or scarf, nice, nice, nice. jonathan, what's in the box? so you've given this up. custom suits. (both exclaim) wayne: ooh, bespokery, i like that. jonathan: it was a gift card for custom suits. wayne: from where? jonathan: you could have designed your own high-end suits by choosing from a wide range of styles and fabrics from hockerty. plus, we were including men's grooming products from tame the beast. made with refreshing all-natural scents. this deal was worth $2,000. wayne: okay, so... you missed out on this. - (chuckles) wayne: is there someone in your life that you could have given the tame the beast to? - we each have one. - tame the beast, yeah. wayne: okay, you could have tamed the beast. but now you have, "it takes two" and "it can get hot." now you have to decide who gets what. keeping in mind something could be a zonk. who gets what? who gets the curtain, who gets the mini-curtain? "it takes two," "

so what we do is we collect all appliances from our retail partners who would most customers tend to bring them into our system we did brand them and put them in a shop for resell for others have to crate them see if they are a parable or not 1st an entrepreneur recycles 1st our affair will get sold in our shop and they will choose to wait for the men come in buy the stock and pay with and on set. the items donated to the appliance bank or not necessarily surplus stock but items that are not worth the bother for repairing for manufacturers. just to give you a sense of what will be cycling through their plans bank and then in our program made $5000000.00 rounds with a profit in their businesses last year so that showing you there is a huge amount of stock that would have gone into the landfill that is now being recycled and we use. a profit of 5000000 rand that's the equivalent of 300000 euros. for the 7 year old thomas we used to be unemployed working here has given him an income and made him aware of environmental issues. teach you how to fix this mess and those things that we canno

to protect customers.ornia. first the company says it's taking enhanced measures throughout the day to clean and disinfect all diameters with special emphasis being taken on restrooms and frequently-touched points of the store. at the end of each business day, the company says it's deep-cleansing each and every store. the ceo of kroger's, the nation's largest grocery chain posted this statement. >> in many locations, we've adjusted our hours to allow our store teams time to rest a little, clean and get new products in. and on the shelves for our customers. >> reporter: albertson's says cart-wipes and hand sanitizer stations at key locations are maintained. it encourages customers to wash or sanitize their hands before entering >> i know that i try to very much pick things up with termination and not fondle kind of grocery or product. >> reporter: delivery and drive-up serves are available. for home delivery customers, the company says it has created contact-free delivery procedures for its team. the requir

customer work flow, all their customer information on the sunshine platform and can make that informationable to everybody in the business so they can provide a seamless customer experience. we are very excited about working with these types of companies that are really thinking service first, crm and we're working with companies like lodgitech, netflix, and man others. >> these are all companies we've had. we happen to be big fans of logitech that's terrific. can you tell us what you do for them we've had them on maybe a dozen times. >> yeah, so logitech is one of our earlier movers on the sunshine platform. they have modeled their entire product catalog and all of that you are -- their customers on sunshine when one of that you are customers log into the system, they can instantly see all the products they have, what versions of it, what drivers are available, all these different things, and their service agents and their customer facing people can see the same information they can see exactly like what does the customer have, what version of it and all these things, and it just provide

airlines may be refunding customers, but many airbnb customers may be out of luck. we have the details. we begin with the volatile state of the global economy as the coronavirus widens. italy went into lockdown and u.s. virus cases spiked. the dow jones entered a bear market wednesday, the s&p tumbling into their market -- into bear market territory after president trump announced a ban on travel from europe. to keep new cases from entering our shores, we will be suspending all travel from europe to the united states for the next 30 days. the new rules will go into effect friday at midnight. that talkedch, about how much companies would lose on the downturn and uber and lyft shares fell on the reality that customers are sheltering in place. wednesday i asked wedbush securities dan ives for his take on the volatility. dan: you need to put goal post around in terms of demand. when i look at the core names, a lot of the faang names, to me, we continue to believe these are buying opportunities and you navigate the volatility. whatw it as you look upon in normalized envi

lemonis: and so, a customer cannot come here and buy this stuff?ve: this is stuff that i've had from years ago, and i just put this showroom together over the last 6 to 9 months. and what i need is to merchandise this with current inventory that we sell today. lemonis: why do you laugh, stevie? stevie: now i know exactly what you were thinking. it's funny. amber: what was marcus thinking when he walked in? stevie: why all this? what is all this garbage here? amber: not garbage. stevie: no, but, like, older things that are clearly not things we're trying to sell. they're just over the years still have... amber: but this was also 5 years -- in all fairness, this was five years ago, so styles have changed. were you thinking... lemonis: what did it have to do with collecting a bunch of crap in a room? mary: and add stains and chips on it. steve: it was a beautiful showroom. i wish i had most of that stuff today. lemonis: so, this is essentially a showroom that has furniture that you can't buy. they're a custom manufacturer, so this warehouse is not a s

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we also see for the small customers. one of the few software businesses go from the largest fortune 500 companies to the mom and pop businesses, that's how we get to the 589,000 customers you alluded to we have seen the efficiency of taking all of the agreements they have, putting them online, making that digital is driving our tremendous growth. >> one of the things that i was really encouraged by that you talk about is we all know we pay a lot of legal fees. we wish we didn't, but it's done by the hour. one large international information services company reduced the time they spent on legal reviews by 75% that must have meant they saved hundreds of thousands of dollars. >> yes, it's interesting, the efficiency, the roi of using docusign is a big part of why so many people come to us even more than the efficiency from the savings of the legal fees you described and the hours of their in-house legal team, it's the customer experience, so now whether it's their internal employees or their end customers, they're having th

all of us are providing relief to any customer that has an issue of being out of work because of the virus. and we can tell you that up until, you know, the last couple of weeks, the activity has been very strong and i think it's still strong. we're seeing people spend money. small business loans are continuing to grow. auto loans are growing. mortgage loans are strong. but we're well capitalized. we're here to help small businesses and medium-sized businesses. >> thank you, brian, very much. >> i think as part of that, mr. president, i think it's important to recognize a few things. one is, building off of what brian said, this is not a financial crisis. the banks and the financial system are in sound shape and we are here to help. i think second is when we look at what's going on, in many ways, we're going it several challenges at the same time. we woke up or we went through sunday and a drop in oil prices and we needed to deal with that when the market opened on monday. clearly corona is front of mind for everybody, not just here in the u.s. and i think the market is going through

customers showed up at the union square location to find that the doors were locked. while u.s. stores are closing, all apple stores in china did actually reopen today. so, a sign of hope there. cook said that there will be deep cleaning in all sites and the company will provide health screenings and temperature checks in the offices. the company is committed $15 million to treat those that are sick. >> the long shore union is calling on the princess crew line, to test all crew members klanwi 1rew members s. on board. 19 have tested positive for covid-19, but are reportedly doing well. the union said that the crew is on a contaminated ship and needs help. >>> the rest of the crew needs to be tested and they need to be given medical treatment now. this is an international crisis. >> assembly man rob bonta said the port of oakland is focused on the crew. many will disembark and be placed on charter flights this weekend. >> now we have the numbers to back up ridership for b.a.r.t. and 186 thousand riders yesterday, the after last month for a friday, 375,000 passengers. the decline