so we'll see. >> mr. sloan, if i jump back in again, i suppose i wanted to ask whether you're hopeful that the earnings that you'll be releasing on friday will help you to draw a line under the share price pressure you've felt. because clearly, this has been a massive pr issue for you, so far. but do you hope that friday will prove this isn't a numbers and earnings issue for you. of. >> well, i do. but i need to be very careful, because we're two days before we announce our earnings, and anyin tonation in my voice or excitement or disappointment may lead anybody to conclude something inappropriate. you will find out friday morning. we look forward to talking to our investors, just like we do every quarter. >> and one -- two more final questions. if there are further investigations, particularly into mr. stumpf, possibly criminal, as has been called for by mr. senators, does the bank's opted departure cause you to stand closely by him, or is he on his own? >> i think that is a topic to -- for the board to review

mr. sloan said mr.tumpf thought it was. >> i think john's decision to retire is one that, you know, is clearly sad for all of us at wells fargo, because we think so highly of john and his leadership in the company over the last decade. but he concluded this was the right thing to do for the company, to allow it to move forward because he felt that the focus on him was becoming a distraction and hindrance to the operations of the business. >> but was it a sufficient condition? >> oh, there's a lot to be done. wells fargo is a company that's made up of 260,000 team members, all across the country and all across the world. and no one individual is necessarily going to make the difference. we all have to work together to restore the reputation of the company, to continue to focus on moving the company forward. so, one person, whether it's john stumpf or candidly me is not going to make the difference. >> one person who clearly felt it was not a sufficient condition was senator elizabeth warren. she tweeted,

also harsh condemnation on mr. sloan sloan, who he comes in after atkins and signs the paper knowingly, knowing that something's wrong? that is pretty damning stuff. what evidence do you have that they are that systematically corrupt, that he or that even mr. sloan is that systematically corrupt? >> i doubt that i will stand up and say mr. sloan is systematically is corrupt or the company is systematically corrupt. what i am willing to tell you this is a piece of information that is relevant and the reason why it's relevant because if the numbers of wells fargo going back through this period are questionable, it should be revealed. and in addition to which, there has been a lot of talk about mr. sloan not being associated with any of the problems that came after 2011. >> right. >> yet he was the cfo of the company for 3 1/2 years. >> there is a lot of overlap here with management, you're absolutely right about that but i think we need to cut it here we're getting a wrap. you make a good point. i tell you dick bove usuall

mr. sloan, ceo of wells fargo joining us. melissa, i'll send it back to you. >> thank you. >> tim sloan, the new ceo of wells fargo and of course our own wilfred frost for bringing that exclusive to "fast money." what do we make of mr. sloan's performance here? >> i thought he was very diplomatic, and i thought he did a nice job, frankly, of not selling people down the river. i think it's a very difficult time, and i think the next question also -- i'm not sure how he answers this, but this is is kind of what was addressed down in front of folks in washington, is this something that's endemic in the entire industry? i think this is something people want to get to the bottom of. >> i would just say nailed it. did carrie tolstedt, the woman who ran the phony account unit, was she a direct report to sloan? he said yes. i believe it's not enough. these guys are probably really good bankers, but there was a scandal here, you know? and in some ways there was probably some relatively criminal activity. so i'm not sure him as a replac

>> i have not spoken to the new ceo mr. sloan.s you indicated my staff interacted with them when we suspended activity with them a couple weeks ago. we are happy to have that conversation. i want to make sure that mr. sloan had a change of mind. the comments he made a few months ago defending the practices as they were engaged in a few years ago is not acceptable. i hope he makes sure they bring the whole culture along. >> state treasurer of california. scott stringer, thanks for joining us today. >> let's send it to dominic chu for a market flash. >> we are watching shares of yahoo because they are down just off of their lows of the day. they have been gyrating as you can see in the mid afternoon trade because there is some interpretation of comments that verizon general council spoke to reporters in washington, d.c. today. during the comments he was quoted as saying i think we have a reasonable basis to believe that the impact meaning the yahoo revelations of the hacking could allow verizon to withdraw from the deal. i think the

mr. sloane is now getting, i would say, about 1/3 of john stumpf's duties if you look at latest corporatens, john stumpf -- liz: none of his pay. >> well you don't know that. here's the thing, i think after the election -- liz: making me do this, start paying me. >> after the new year we point out it is probably a good shot that mr. sloan gets the job. that is usually what happens. let's go to twitter because we are hearing -- now we should point out, we should say sources and should be unconfirmed this, and twitter is getting a little ride out of this thing, we should put up, unconfirmed, there is a, a lot of speculation out there that prince, as you know twitter was down 11% yesterday. we took it up a little bit on your show when we said there was some bankers were talking about still some interest from sales force and others if the price is right. so the stock popped on that. came back a little bit. now the stock is up today. kind of a relief rally. part of it is this. this is pure speculation. we should say it is unconfirmed, he is considering basically increasing his, he has got a st

stumpf: she reported to me about a year ago but has reported to mr. sloan a year after that. >> does it for report to the consumer lending executive. mr. stumpf: there is a relationship but in someplace else. >> it is through the lindy channel for credit cards? mr. stumpf: i would describe it this way, the retail bank would talk to customers and then they would send the request over to the credit card group where they would do the underwriting and fulfillment. >> all of those people i named off, the seven operating management team, how often does that team meet? is a teleconference or face to face? mr. stumpf: every monday. >> every monday. ok, unrelated to the board, 2015 you had nine meetings of the board. arctic 14 meetings, the committee to hearing 2014 according to your proxy. meetserating committee every monday, so one question i have is, do you remember this being talked about at the operating level when managers bring their concerns to you, and was it in the same timeframe? it was not until two years after this was manifesting itself in los angeles.

our washington policy view is that mr. sloan-- has had a long and permanent career at wells fargo, so his assent may not appease the political process. i would point out mr. sloan is primarily involved with the corporate bank, not the retail bank. although in 2015, he had somebody reporting to him when he became president. so there are still some unknowns about what the political process -- how the political process will take place with respect to his appointment. moving now more toward the judicial and regulatory policies that will affect this company and therefore with the earnings are going to be in terms of how the stock trades. other do we know what banks have had these cross-selling initiatives, whether they have problems as well? >> cross-selling has been prevalent throughout the industry. there are criminal investigations going on right now into the sales practices at other organizations. i am not bring up anything new. has had somehase investigation into the sales practices of its mutual funds. this whole bulk managemen

mr. sloan in position now, part of old guard.nd there are those who are not satisf with his appointment to that particular post. how do y it? >> well, i think that there's -- i guess i would say i share some of those concerns. on the one hand, i think what tim articulated today was a very robust attem to fully assess and remediate the issues, and he acknowle, i think, at leas implicit if not explicitly, th was, in fact, a systemic issue, which was a characte that john st resisted. but i think that i shared the concer that not a single member of the management team is -- is new. they all come from inside the existi organization, including the new head of the retail banking business. and i think, you know, i wonder to what extent maybe new blood might a benefit. >> of the banks that reported today, quickly, eric, which do you holds the best inve >> well, the one that i like the best is citigroup, and i think what you saw today was that their growth and their consumer bank, particularly outside the states, is beginning to turn, whic

. >> well, at 10:00 mr. sloanill begin his first conference call with investors as the company's ceo. >> right. >> one day into that job. i know in the script he's going to talk about, you know, something went wrong and we're going to fix it. but the question will be the questions that he gets on the call itself. and i would assume you will hear at least some about what are we seeing for new accounts. >> right. >> how is business being impacted right now on that front? i don't think people pull deposits, necessarily, but when they're making a choice of where to make a new deposit or open a new account, is wells fargo starting to suffer and does that actually bleed into their results? >> well, you have to see how many accounts per person they're going to open up that have been their stock and trade. this was the quarter where it paid to have the old business model. j.p. morgan some remarkable numbers that we're seeing and the things we've kind of given up on. my travel trust owns citi and wells, wish we didn't open

but here's what i would ask mr. sloanf i were senator warren, okay, listen, you were cfo, did you not detect a pattern of incredible growth versus bank of america? now he's going to say i don't know bank of america, but by this point she will have bank of america's numbers. i've spoken to the heads of all the major banks and they all said the same thing to me, which is that this was actually detectable pattern, that money in, money out pattern i just described, this was a detectable pattern in terms of opening accounts. i'm not saying that they knew from outside, but they did all say you mean to tell me there were people who were opening huge amount of accounts and they did not hit the cfo's desk? how could the cfo not know this? >> mike mayo this morning on squawk argued this is all the result of echo of anger from the crisis, even though it has nothing to do with exotic instruments or derivatives, old fashioned retail banks, you agree? >> no. no. this is very easy. like i said, it's a scam. if there was a scam, if there

is a lot of work that has to be done so the public can get the trust back of wells fargo. >> so mr. sloanhould be expecting an invitation from you to go and testify? >> absolutely. >> all right. in terms of funds, we have looked up some of the funds that your colleagues have accepted. some colleagues have accepted money from wells fargo. do you think that your colleagues should give back that money, seeing that that money is coming from what you deem to be a criminal enterprise? >> well, i know what i did, because i had -- i told my individuals, give the money back, because i didn't want to be part of a criminal enterprise, once i saw what was going on. and to me, the biggest concern that i have here, as was talked about during the hearing, because we've got to fix this. financial services industry is too important for all of us. and what this does is gives the whole industry a black eye. so people start wondering what's happening here or there. and it's too often main street against wall street. it shouldn't be that way. i understand the significance and the impact of our financial servi

a democratic member of the house financial services committee said tim sloan was also culpable in the recent scandal. mr. stumpf says he will not sell his stock options until the investigation into fake accounts is completed. he has apologized for the banks conduct. samsung stock has been battered since it announced it would halt production of the galaxy note seven phone. this after reports of fires started by batteries. consumers around the world have started handing back their phones. they offered $250 discount and then i'm getting a refund. genie: how are the markets doing in europe? lower.ks are trading investors reacting to the release of those fed minutes which have raised concerns about the november rate hike. the british government has been trying to provide more clarity about its priorities at his it pushes ahead with brexit proceedings. theresa may told members of parliament she would work to maintain maximum possible e accs to the european single market after leaving the eu. investors have been increasingly worried that she is placing immigration control before economics. the french finance m

>> i'm concerned about it because tim sloan was right there with mr. stumpf and he was in a management position. he knew what was going on in this bank. he can't come in and say all of a sudden i'm going to clean it up because i didn't know what was going on. he's just as culpable as mr. stumpf is. i don't think that he should be the ceo. i think they should have someone who was not in a management position at the time that all of this was taking place. >> i think their counter argument would be do you need someone who knows the mess to fix the mess, but we will watch and we will see what happens. congresswoman, thank you very much. >> you're so welcome. >>> coming up, women in battleground states are taking sides over the controversy surrounding donald trump's campaign. >> he wasn't saying what he does to women per se. i think he was just bragging. >> a number of people have said to me that what was sort of a i'm going to hold my nose and vote for secretary clinton has now turned into steadfast support. >> with pennsylvania on the line, donald trump's

mr. ford: that was pointed out all the time when i was at sloan.o separate bathroom, by the -- i had a separate bathroom, by the way. david: so after you went -- you graduated, you went back to ford and you rose up in various positions. wasn't obvious to you that you would rise up to the top? mr. ford: no. i thought i could do it, but there was no guarantees. there were many people there who wanted me to succeed, there were many people who did not want the family to succeed. and then there was this notion that my values did not always align with the top management's values. i went through this period of whether this was the right place for me to try and leave my mark in the world. david: your values being very pro-environment. mr. ford: yes. david: and you thought internal combustion engines were not consistent with that? david: it was the notion that when i got to college, i grew up thinking the cars and trucks with the greatest. i got to college and realized there was this whole school of thought that, you know, the auto industry -- industry in g

mr. ford:right. david: after you were at ford for a while, you got a masters degree, but you went to the sloan schoold after the head of general motors. [laughter] mr. ford: it gets pretty incestuous at some point. david: did people point that out to you? mr. ford: all the time. [laughter] i had a separate bathroom, by the way. -- afterter you went you graduated, you went back to fourth, and you went through various positions. was it obvious that you would rise to the top? mr. ford: no. i thought i could do it, but there was certainly no guarantee. there were many people there who wanted me to succeed. there were many people who did not want the family to succeed. then there was this notion that my value did not always align with the top managers. --ent through a help period whole period, whether this was the place for me to leave my mark in the world. david: your value is being pro-environment. you thought internal combustion engines were not consistent with that? mr. ford: it was a couple of things. the notion that when i got to college, i grew up thinking that cars and trucks were the greatest. pe

mr. stumpf is leaving with all of his ill-gotten millions, that's still not real accounta. in an exclusive interview with me last night, the new ceo, tim sloan, confirmed there had been additi request from congre for information. of his own will go more smoothly. >> we disappointed that the hearin turne into a situation where there were more speeches given than questio asked. we felt like there was more answers that we could have t those hearis are over with and we're moving on. >> repor we' see tomorrow morning if there's been any financl impact. the other outstanding question what is morale like amongst the troops? i asked sloan whether this had been a proud or sad moment for him as he took over. >> it's a sad moment, because john stumpf is retiring in a situatn tha i think he would have never imagined. and he has done such a g job in managing this company, notwithsg some things that i think he wished he would have done differently. that's what it sad. having said that, i feel a great responsi, and i'm looking forward to being the ceo of this company. ep for "nightly " i'm wilfred frost in new york. >> wilfred just mentioned the reacti fro

i spoke with the new ceo tim sloan late yesterday in an exclusive interview. i asked him about mr.mpf's departure and whether or not it was a sad or proud day for him personally. >> it's a sad moment because john stumpf is retiring in a situation that i think he would have never imagined. and he has done such a great job in managing this company notwithstanding some of the things that i think he wish head would have done differently. having said that, i feel a great responsibility and i'm looking forward to being the ceo of this company. we have an amazing 164-year history. and we are not going to allow the last five weeks to define the success -- the future success of a very well regarded and well known 164-year-old company. >> focus of course now turns to the company's earnings. they're due at 8:00 a.m. eastern time tomorrow morning. >> delta air lines just releasing quarter results. phil lebeau has got the numbers and a special guest. phil? >> thank you, andrew. we're going to talk with ed bastian in just a second. let me run down the numbers first. $1.70 per share versus the es

what investors probably like about tim sloan is that he's a 29-year veteran of the bank. long seen as the air apparent. to mr. stumpf, but at the same time, he was still the president and coo of the past year or so, and in the hearings. >> allison: warren s senator from massachusetts, asked about the decision not to fire the head of the unit whose practices were under question. mr. stumpf at one point, said at the time, she was reporting to the president and coo. does this fully turn the page or how much, to what degree does this turn the page past the scandal? >> you know, what we had with wells fargo is you know, opening all these accounts. it's obviously a terrible breach of customer confidence and trust. but it is a problem of a fail yaur to supervise. as oppose today a problem of policy, right? and any large ogs is going to have a problems with with supervision. i've been in management myself. i can guarantee you, employees do things you don't want them to all the time. sometimes, because they don't understand what you want. because they're not capable. >> sorry to cut you off, you're make iing a good p

sloan is cullpable in the recent scandal. also there is this from the "u.s.a. today" about mr.tumpf the former ceo of wells fargo, may have suddenly given up his bank job this week, two other big public companies still pay him $648,248 a year to sit on their board and watch over things, that is retailer tarring sxet energy company chevron paying mr. stumpf respectively. what he is earning from sitting on the board of the two companies. michael, alabama, a republican. go ahead in remaining minutes. what is on your mind? caller: i want to speak on the serious sex allegations. like last night you had fox news bringing up bill clinton's three women and it is like it is just crazy and i fear these women are going to play political football and be scared to come forward if something does happen because they're just like -- is the media taking them serious or playing them for political points? it is a serious issue. trump is like off in conspiracy theory and all this crazy stuff and says he didn't do it and i think it is dangerous and i think he is dangerous. i'm a republican and just