sloan. mr. sloan: good morning. miss weidner: i want to continue by expressing my continued anger and frustration that your company was taking advantage of your customers and our constituents for years. you had a responsibility to your customers and placing one's money and wealth in the custody of an organization like wells fargo as one of the biggest displays of the public trust. your company but trade that trust and to the advantage of customers in order to meet sales performance goals and fraudulently improved earnings and share prices. while you have apologized, 8 and millions in science, and after reviewing your report, made numerous changes to your corporate structure. i think we can agree there is still more to be done. mr. sloan, there were over 15,000 accounts and misery affected by misconduct and scandal since 2012. these include many of my ,onstituents, whom i represent and i care deeply about these customers. have all of these customers made whole, and not just for fees charged but elated fx, such as imp

sloan? mean, not knocking him personally, bethenny what i'm saying is with all the scandals, should they have gone outside the company two and a half years ago >> right well, there's something really odd and dare i use the word dysfunctional going on there to pick a 30-year veteran of the bank who is there during all -- during everything that happened, everything that went wrong, was an odd move in many ways, and maybe wells taught that they could confine the scandal to the retail bank, but then the news continued to break of problems in other parts of the business too, making it look less and less like sloan was a clean pick look, it's odd now, too, with his resignation and one reason why you have to believe that kael really came as a surprise inside of wells too, is picking the general counsel as. >> elizabeth warren tweeting on this number one, saying, pardon my french, it's about damn time for sloan's ouster also saying she's calling for an investigation by the s.e.c. and/or the departme

tim sloan stepping down.oline: morgan stanley president is going to be retiring at the end of june we understand. this is set to be a retirement from morgan stanley. second best key top executives are leaving. come tell her to retire at the end of searchesme big news and big when it comes to key top banks. joe: trade talks between the u.s. and china. council director larry kudlow had this to say earlier. driven.is not a time enforcement driven deal. things have to be done just policy- this is a enforcement driven deal. things have to be done just right. joe: let's get insight into the deal. rebecca harding, and independent economist specializing in trade and trade finance. what is your read of the state of play right now? possible extension coming to trade talks. does this signal the expectation they will get some sort of deal is correct? rebecca: i think what they are trying to do is focus of very much on the long-term goal, which is to recalibrate the way in which the global trading system is working. they

sloan. some mandated by regulators, actually in fact most regulated by -- insisted by the regulators and others imposed by you and in your two and a half years as chief executive. for example, just three of the ten members of the wells fargo operating committee in place in february of 2016 remain there today. you hired a new chief risk officer and a new chief compliance officer. that progress -- but, you know, that's progress but obviously it hasn't been enough to satisfy your regulators. so i want to use this hearing today to get to your commitment as the leader of in corporation and your commitment that you will do what is necessary to make sure this does not happen again. i want to know more about the internal controls you put in place to address the history of gross mismanagement. i want to know specifically how you are changing the culture at wells fargo. these bad acts don't conform with the strong legacy that i know of wachovian first union in my home state. be assured though this is

sloan, they were talking about overdraft fees. does that mean that people who don't bounce checks should share the expense of people who do bounce checks? am i understanding that right? >> i think customers that overdraw their accounts should be charged a reasonable fee for that. at wells fargo what we've done is tried to live up to our vision of satisfying our customer's financial needs and helping them to succeed financially by giving them all the information that we have to be able to manage their financial situation the best. so, for example, in may of 2017, we introduced the new capability called realtime balance alert. it's very simple. you tell us what balance you want to know about. when your account hits that balance, we'll push out that information to you. that's saved our customers hundreds of millions of dollars in the last year and a half since we introduced that. we push out 43 million realtime balance alerts a month. in addition, we introduced another capability in november of 2017 called overdraft rewind. we find t

coming up, tim sloan, out.berg. ♪ lisa: tim sloan gave into critics and step down -- stepped down. he has faced calls for his ouster from critics including senator elizabeth warren. >> those people should not be left in charge of this business. exactly whatoted was wrong with this bank over and over, you went to the stock market and bragged about it. you made money personally off it. when you are asked about it, you did not tell the truth and you tried to cover it up. wells fargo is not going to change with you in charge. lisa: the facial expression was gold. she tweeted yesterday. "about time." phone, as ag on the shareholder of wells fargo, does the dismissal, the departure, make you more inclined to add to your holdings? tony: great discussion. he may have been the guy that fell on his sword to clear the decks. whatever the case, they needed to clear the decks. guy that was the helping uncover the situation. you don't turn a supertanker on a dime. it has taken too long. for the board to recognize, we want to

sloan to retire.gh the testimony that they probably maybe cleared some of this. >> is it a net positive or net negative in your view, marty >> i think you really have -- it's twofold you're going to see them react today. it's maybe the last step in the sense of clearing the path and getting past this reputational issue. company's done a lot of work they've been through a lot of the reviews. now what you have is a new path forward. long-term the verdict is going to be unknown. all of the targets laid out have to be reviewed and set again i think in the long run, it's going to be a dicey situation. to see how this transition unfolds. >> marty, who do you think they should be looking towards in terms of somebody if they're looking for an outsider to come in >> i mean, really, in the banking industry there's few colors that you would have out there that would be able to step in with the legacy that wells fargo has. you know, it's really this bank that's been a part of the last 30 years being one of the re

in the end, it's america in 2019 this is what happens sloan read the tea leaves correctly.to avoid making these hearings about how outrageous it is that someone from the stump era is still in charge of wells fargo, he had to announce his resignation before hand the smartest move he could make was to quit, for him and share holders. so tim sloan did the right thing and took one for the team, which i think is something worth celebrating. let's go to mark in new york, mark >> caller: yeah, hi, jim how are you doing? >> doing well, mark. how are you? >> caller: i'm good. thank you. and i'm a member of your action alerts club. i watch your "mad money" show every night. thank you for all that you do. >> that's terrific thank you for remembering the club >> caller: absolutely. so here's my question regarding bank of america, bsc i purchased some bsc last july, and i've been pretty disappointed in the stock's performance. so my question, would you recommend that i sell it and put the money into a different banking stock, or maybe buying more shares of a non-banking stock that i alr

i'll be honest with you if i was tim sloan i'd look to sue warren she's made liable claims he was uput it maybe he didn't that's for a jury if they want to pursue. second of all it bothers me when any president whether it's ronald regan or john f. kennedy with the steel mills or elizabeth warren sticks their finger in how businesses should be operated. they had penalties. they paid wells fargo nearly a half a billion dollars in fines. were they right in all these cases? of course not, but they paid what the courts were asking of them, so, you know, warren now obviously, this is her campaign platform, this is all she's known for. she's going to continue beating this, until the day is done, sloan was brought in as you point out after the crisis. he did his best. he was honorable in all the congressional and senate hearings i think this is just a travesty on the part of big government. >> so i would take a little bit different point of view which is i think the board made a very big mistake when they appointed tim sloan. i think they should have gone outside the bank and brought in some

tim sloan isn't done with his capitol hill grilling.ll be back in a couple of weeks' time, but next time with the other big bank c.e.o.s sitting right next to him. >> glor: so concerning to so many customers. anna, thank you. up here next on the cbs evening news, a multi-state search is on for what could be thousands of guns stolen from the a.t.f. stolen from the a.t.f.. while the leading allergy spray only relieves 6 symptoms, claritin-d relieves 8, including sinus congestion and pressure. claritin-d relieves more. i had a few good tricks to help hide my bladder leak pad. like the old tunic tug. you know it, right? but, i don't have to with always discreet. i couldn't believe the difference. it's less bulky. and it really protects. watch this. the super absorbent core turns liquid and odor to gel. and locks it away. so i have nothing to hide. always discreet for bladder leaks. can really get you going. but mania, such as unusual changes in your mood, activity or energy levels, can leave you on... shaky ground. help take control by aski

ceo tim sloan is stepping down fective immediately. his departure was announced ngter the close tonight. he is b replaced on an interim basis by the bank'sco general sel. wells fargo, of course, has been under intense scrutinyau b of the fake account scandal of a few years ago which has resulted in more than $2 billion in fines. sloan was promoted to ceo and charged wit cleaning up the mess, but he is now the second ceo to step down because of it. senator elizabeth warren had been a very vocal critic of sloan's. leshe recently c on the federal reserve to maintain its growth cap on the bank until sloan was replaced. after the news, she tweeted this out tonight. about damn time, she wrote. tim sloan should have been fired a long time ago. he enabled wells fargo massive fake account scam. got rich off of it and then helped cover it now let's make sure all the people hurel by w fargo scams get the relief they are owed. the stock initially moved higher in after-hour trading tonight following that announcement. >>> to wall street now, andhe

. >>> yesterday was a rough day for wells fargo and its ceo, tim sloan who got raked over the coals byse financial services committee it's almost painful to watch for the bank's past transgressions you think wells fargo's stocks should have been clobbered yesterday, right i mean, you had chairwoman maxine waters and no fan of sloan in particular or the financial industry in general running the show she kicked things off by arguing that wells fargo was too big to manage implying that it should be broken up you have the representative calling for sloan's head accusing him of dishonesty, and calling the sincerity into question and wells fargo has changed its way and there are a lot of big changes and what happens? i'll tell you what happens the stock barely gets dinged as fiery as yesterday's proceedings were, there is almost no discernible impact on wells fargo's shares down 11 cents because we all knew sloan would be turned into a congressional pinata, and the question is whether we would learn anything new that would impact it going forward and there really wasn't. so that makes me won

wells fargo ceo, tim sloan, is out.beth warren saying about time he got rich off of it and then helped cover it up now let's make sure all the people hurt by wells fargo's scams get the relief they're ow owed. >> let's bring in an analyst at kbw who has an outperform rating on wells fargo and $58 price target what is that going to mean for the stock which is popping almost 3% after hours? >> yeah, thanks. certainly was a surprise for us given the board just commented they had full support for tim sloan a week ago i think the knee-jerk reaction is the stock goes up overnight but longer term it raises a lot of questions more than it does bring answers to the company. >> why, because they haven't announced the successor or because there's more bad news to come out. >> yeah, the potential for more bad news to come out given the suddenness of the ceo departure. it certainly things in the questions whether or not they'll be able to continue to execute on the plan that they laid out for investors. i think a new ceo will wantin

ceo tim sloan says he will step down from the company. we'll bring you all the latest details. >>> plus we are waiting pricing for lyft which is expected any moment as the company gears up for its debut tomorrow we've got full team coverage as the action unfolds. >>> first we start off with a rockin' retail the group of stocks. check out some of the biggest winners, ulta beauty, target, best buy, tj maxx and costco recession fears tending to weigh on the minds of consumers. so can the retail rally rage on in this environment? are there any bargains out there, guy sd. >> welcome back. >> thanks, i'm glad to be here. >> brian was here. scott as sick yesterday. it feels like a warm blanket when you're back what's the question? i'm kidding. one thing i've learned over the year is never underestimate the u.s. consumers' want to spend. as long as the market is okay, which it now has been the last couple of months, the u.s. consumer feels good about things, they will spending in my opinion it doesn't mean they should be spending. we have a conve

a tough task for tim sloan. question about a, he has a hard job today. -- about it, he has a hard job today. sign up for our newsletter at bloomberg politics.com. inbox every day. coming up, "european close" and then rick perry at 1:00 p.m. this is bloomberg. ♪ you. all of you. how you live, what you love. that's what inspired us to create america's most advanced internet. internet that puts you in charge. that protects what's important. it handles everything, and reaches everywhere. this is beyond wifi, this is xfi. simple. easy. awesome. xfinity, the future of awesome. guy: 30 minutes left in the european trading day. from london headquarters i'm guy , johnson. vonnie: in new york, i'm vonnie quinn. this is the "european close." guy: we have two big stories dominating the side of the atlantic, one of them is what is happening with the pound. a dip earlier on. this is the brexit story we are covering. the pound is under pressure, recovering early losses. banks flat now, down by 4/10 of 1%. and the dip came earl

♪ charles: wells fargo ceo timothy sloan in the hot seat today.irst bank executive to face house democrats after taking over the financial services committee in the new congress, a committee now led by maxine waters no less but it wasn't just democrats putting pressure on the ceo. >> this is the end of scandal at wells? are we going to see more headlines coming up? are we going to have another hearing about this? >> i can't control the media. >> are your customers going to hear more of bad actions taken by your company? >> there is nothing else that i'm aware of that we haven't disclosed. charles: deirdre bolton in our new york studios. newsroom, with the details. deirdre. reporter: charles, this company is really trying to clean up its image after a series of scandals started in the year 2016. brass tacks, the bank's sales force abused its customers. i will give you some statistics. part of the abuse found in wells fargo outlandish sales incentives. 1 1/2 million unauthorized accounts were opened. 565,000 unauthorized credit card accounts were op

>> reporter: wells fargo ceo tim sloan faced a grilling from legislators during the hearing. >> let meoday because wells fargo mistreated and defrauded its customers. >> reporter: sloan has tried to repair the damage in the wake of numerous consumer scandals like accounts opened for consumers who didn't ask for them, auto customers forced to buy insurance they didn't need, and homeowners who should have gotten loan modifications but did not, and later lost their homes. all of it costing the bank some $4 billion in consumer settlements and fines. >> when i stepped into this role, i promised that accountability and transparency would define our efforts, and they have. >> reporter: but at that hearing, a wells fargo mortgage division employee, megan halverson from minneapolis, minnesota -- >> i have to say that i don't agree. the culture there is pretty toxic and pretty stressful. >> reporter: she and other workers joined the committee for better banks, a workers rights group, to push leaders like sloan to listen to their employees' concerns. >> i think that a lot of employees still feel

ceo tim sloan steps down with immediate

sloan somewhat unexpectedly stepping down. in many ways that he felt he became or at least indicated became a distraction to the extent that it was no longer beneficial for him to continue. >> i think there's some important questions going forward about politicians' role in this, the fact that you have influential politicians like senator elizabeth warren running for president so outspoken, obviously putting so much political pressure on a company where the board chose tim sloan. the biggest share herald, one of the most experienced shareholders that we cover warren buffett, supports tim sloan. what does it say about the influence of politicians and their ability to choose ceos, and what kind of precedent does that set >> yeah. good questions all up next, we'll take you live to live the he's driverless center in los angeles andrew ross sorkin is there with a lyft board member ben horowitz you won't want to miss that and as we wait for lyft's opening trade, wl,onel d't go anywhere. >> big suspense. measure up? a cfa charterhold

e chair, maxine waters, said the bank's nearly $2 triion in assets were too big to manage, but sloan said that wasn't the bank's issue. >>> oil prices rose a few pennies today after saudi arab annod plans to continue to cut output a in april also because of a cut in exports from venezuela due to a power outage. domestic crude rose eight cents to$56.87 a barrel. naturally rising oil prices are od for the energyndustry and one reason is that companies need attractive prices when they goooking for investment. brian sullivan explains from the industry gathering in ho >> reporter: three big topics on day two of this energy conference. continued investment in oil and gas, the world outside of texas, and climate change. few industries are as capital intense ji or costly as oil and gas. while americans may l love gasoline prices, the ceo of hess oil tells us oil prices need to be high enough where there is an incentive to continue to invest the key challenge for the oilus and gas iy is investment. we're simply not investing enough in oil and gas to grow supply to keep up with demand. the int

that is what the house is calling it. -- pretty uncomfortable for tim sloan.is not the first time he has testified on capitol hill. it does not get easier. not.absolutely he has been there for 30 years. he has a lot of experience with this institution and many of ,hose questioning today are what happened to wells fargo is the entire banking center. then it's to be a clear understanding of what went wrong and why. very much a culture issue as we hear. many questions will -- as well. this is bloomberg. ♪ vonnie: from new york, i am vonnie quinn. guy: from westminster in london, i am guy johnson. this is bloomberg markets. the brexit debate underway hides me in the house of commons. aroundgetting debate 7:00 p.m. london time when mps will vote on theresa may's amended brexit deal. she is answering questions now is notdoes look the dup going to back her. it is unlikely she has sufficient votes. what comes next, that is what everybody is asking. >> it is already an intervention. i want to say a word about the border -- gibraltar. eu,een the u.k. and the under the i

. >>> wells fargo initially jumping after tim sloan said he was stepping down. but the stock is falli tngoday much more "fast money" right after this >>> welcome back to "fast money. health care is flat lining this year the group is the worst performing sector in 2019. this after it was the best performing sector in 2018. check out some of the sickest stocks p biogen the biggest loser we thought this would be the perfect time to play one of america's favorite games, trade it or fade it. all right. i think we understand the rules by now it's been a while. so guy, we're going straight to you. >> love this game. >> biogen down 21% trade it or fade it. >> trade it means i want to buy it, right? i'm just making sure, melissa. trade it, mel! >> very good, guy. >> what are you, nuts? that alzheimer's thing, that was huge for them and, yes, it was huge for them. but i said it a couple of weeks ago when it happened alzheimer's is the holy grail f these biotech and pharmaceutical companies. okay, they missed. they just announced a $5 billion stock repurchase plan, valuati

after the market closed this very evening, we learned that tim sloan was retiring as ceo of wells fargo because he felt he had become a distraction because of the endless harangues from washington about his leadership, something i asked sloan about directly back in january 25th on this set take a look. >> would it ever be to the point where wells fargo, the directors say tim, you're a liability and you got to resign? >> look, i think if i'm not doing my job, as opposed to somebody having an opinion about me, right, that isn't always informed opinion. >> okay, then of course it would be appropriate that i'm not in this role, if i'm not getting things done. i work for our shareholders. and i work on behalf of the board, right they have high expectations for me and i'm exceeding those expectations. >> he did exceed the expectations he made a lot more money, it was a record quarter, got a raise. but it's not going to be enough. he felt he was a distraction so he resigned i wouldn't chase this stock now, though it is a bank it is going up after he resigned but in the end, it's a bank, and ba

sloan a couple of questions there. he answered a few and walked on.m the same kind of questions. he took over difficult role, how do you think he's done >> i think that what i would say is how the bank has done the bank has replaced the board. they have elizabeth -- they have duke at the helm of the board, a lot of soul searching on what to do issue is, does it matter he was part of the bank, so does it matter anything that he's done i think everything he's done is right. everything and i worked -- i rarely have gone over, had him on the show the issue is what elizabeth warren pointed out to me, it doesn't mat, jim he was there he was in a position to stop it. that's kind of like unless you brought in an outsider, she is not appeased i think he's done everything possible, but that may not be enough given he came from there. and the report basically says that, you could argue that everybody is tainted he did not know -- i believe it, i believe this, he did not know what was happening at the -- in the scale, so to speak i think elizabeth warren would sa

. >>> tim sloan is out as wells fargo ceo. his resignation came very suddenly.d through scandal after scandal leading a member of congress to ask sloan at one point, do you foresee a day when we don't hear bad news about this bank? senator elizabeth warren calling for a criminal investigation into sloan and jail time if he's found guilty. sloan a long time executive with wells fargo replaced this man, john stumpf as ceo after the scandal broke some years ago. the criticism sloan was an insider at the time when the bank needed somebody untainted by the problems. wells fargo will find a new ceo from outside the company. >>> on a happier note, congratulations to thee en entrepreneurs and businesspeople in the east bay, the east bay awards last night, they were kind enough to ask me to emcee at the fabulous fox theater in oakland last night. >> that's cool. >> east bay's where it's at. >> there you go. >> thanks, scott. 5:14 for you now. >>> if you're planning to do some online shopping in the coming days, beware, because the state's new tax law is set to take effec

sloan said in a statement i have decided it's best for the company that i step aside. stock actually popped on this news initially. now moving lower today a downgrade this morning there's some talk about what this transition to a general counsel who only has been there for a couple of years will look like >> they need to hurry up and get a new leader at the helm this was the beating by elizabeth warren saying he's too closely associated with this bank we don't know how involved he's been in this decision make he can't efficiently change this brand. i'll tell you the other big banks, though, who have high value top executives better build a wall around them because you know they are going start trying to poach some of these top leaders. >> he had to go. he's a nice man. we interviewed him for years he came to symbolize the scandal era that plagued them. let's not forget he was the chief financial officer of this company while all of this was going on, the shenanigans of creating these fake accounts so the optics were never good for tim sloan. he aspired to that position

democratic presidential candidate elizabeth warren has long been critical of sloan. tonight she said sloan should not receive financial compensation for his termination, and the fec should investigate him. >>> let's check out live doppler 7 right now, which has been keeping track of a light storm today that ranks 1 on the abc 7 news storm impact scale. about an hour ago, a burst of heavy rain moved through san francisco. that was right outside our abc 7 news studios. along the peninsula, this is what it looked like in san mateo this afternoon. well you can't really see what san mateo looked like because a lot of rain on the windshield there. i that was on delaware street. in the east bay rain fell in oakland, but it came after the a's home opener which oakland won 4-0. this is in the north bay. an abc 7 news viewer sent us this void owe from santa rosa when a hailstorm hit. spencer christian tracking what is left of today's storms. >> there is quite a bit left, larry, right now we've got a line of downpours as you can see sweeping through the area on live doppler 7.

lauren: sloan emphasized changes wells fargo made to its culture, sales practices and risk management. cheryl: making headlines there, right? well, here are some other headlines making news this morning. companies in the blue cross, blue shield insurance group are combining. cambi and blue cross, blue shield of north carolina are going to combine. they cover more than 6 million people. rite aid announcing it will replace three top executive, including ceo john standly in a restructuring plan. he has been leading rite aid since 2010. the overhaul will shed 400 corporate jobs. rite aid has been facing pressure from invests over disappointing performance. ride aid called off a planned merger with albertsons in august after investors rejected it. today paul manafort is set to be sentenced in virginia. president trump's former campaign chairman is facing up to a decade behind bars. on conspiracy charges he pleaded guilty to. he broke his plea deal with special counsel robert mueller. he was sentenced to nearly four years in prison last week. the u.s. and taliban drafted a deal following tw

it came out a day after sloan testified to congress about wells fargo consumer abuse issues.t, it was said it was clear from his testimony that wells fargo failed to clean up its act. presidential candidate elizabeth warren has also called for sloan's firing. >>> here's a live look at the new york stock exchange. we're a bit up today. about 33 points. >>> nicole kidman has been added to the list of speakers at the professional business woman of california conference in san francisco. kidman has emerged as a strong advocate for women's rights and equality. she will join jackie speer at the 30th annual women's conference. there will be more than 50 speakers and 30 sessions. the conference is april 23rd at the moscone center and abc 7 is a proud sponsor of the annual event. >>> a big honor for craft breweries. >> five are ranked in the top 50 from the association. it's based on the number the sales. new belgium brewing company operating out of the magnolia brewing company in san francisco. gam brynn us in berkeley. 21st amendment in san leandro and a group hub in san francisco.

tim sloan returns to congress.ls fargo ceo prepared to testify before the financial .ervices committee google investors target larry pageower -- awarded a stock grant to andy rubin without approval. joining us now is jason kelly. let's start with brexit. it is the story of the day besides boeing. a new survey of financial firms --es out and says >> we all got the headlines last time, late last night u.s. about may's new deal. a year ago, a lot of firms in the city started making their decisions -- 200 firms have moved people out of london. david: if you don't resolve this quickly, we will have to make some decisions. almost regardless of what comes out of parliament, they will leave. >> you start to see who the winners are. losing, who is gaining? dublin is leading the pack. there are some caveats. everyone says london will still be an important financial center. most firms are moving 10% or less of their staff. you are seeing some meaningful moves out. david: no question. alix: dublin won. i'm looking at wells far

speaking to us from virginia so that is obviously a supporter of trump let's not speak to douglas sloan he's a democratic strategist he's joining us live from washington d.c. so i'll go out on a limb here and say that you're not happy with the summary off the report yet what it did say douglas sloan is that the investigation did not establish that members of the trump campaign conspired or coordinated with the russian government so this is a significant political victory for donald trump. well yes and quite frankly as an american i am happy that the president of our united states was not found guilty of collusion with a foreign power so this is a great day for trump and why very good is a great day for all americans that we have a president that is not guilty of collusion however the question is still open on the matter of obstruction. if i could just quote. the key here is what muller said when he said. the poetess while the report does not conclude protos committed a crime does not exonerate him regarding obstruction so that something that the democrats are going to continue to look i

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there are challenges for whoever ends up in the seat after sloan.s of the interim replacements, ellen parker is a alan parker is a newish person to this. >> he doesn't have a huge public profile. he was brought in after the scandal to help steer the ship around. it will be interesting to see how a lawyer navigates the bank through the situation. one of the things that is really interesting is that as he shepherds the search for a new external ceo, the big question is who wants that job. it is a very tough role. it is a troubled bank. it is a very daunting task. it will be very difficult for the board to be able to find somebody. emily: lots of news when it comes to -- sherry: lots of news when it comes to succession issues. now that he is not in the offering, who else are we looking at? transitions,l ceo we have to look at the top players in the major businesses. we are talking about the head of the investment banking trading division, the cohead of the brokerage businesses and the head of international business. there are a few key people gunning f

sloan can customers trust wells fargo? >> sure.e them well every day. >> how long do you expect to be chief executive? >> i'm sorry >> how long do you expect to be chief executive? >> as long as i have the job i think i'm doing a great job. the board thinks that and the team members think that. >> we'll bring you the highlights from today's hearing that and much remo still to come here on "closing bell. don't go anywhere. see that's funny, i thought you traded options. i'm not really a wall street guy. what's the hesitation? eh, it just feels too complicated, you know? well sure, at first, but jj can help you with that. jj, will you break it down for this gentleman? hey, ian. you know, at td ameritrade, we can walk you through your options trades step by step until you're comfortable. i could be up for that. that's taking options trading from wall st. to main st. hey guys, wanna play some pool? eh, i'm not really a pool guy. what's the hesitation? it's just complicated. step-by-step options trading support from td ameritrade does y

>>to sloan the cio of san francisco based wells fargo bank is stepping down effective immediately sloan'sbrupt departure comes as the bank continues to struggle to overcome a number of scandals, he says he decided to step down to help wells fargo move forward. the company's board promised to find an in an outsider to replace loan. sloan plans to retire at the end of june the bank has selected see alan parker, its general counsel to take the helm on an interim basis. the news of sloan's resignation comes amid repeated calls and criticism from politicians for new leadership and wells fargo. low cost carrier wow air abruptly shut down leaving thousands of passengers stranded. >>the iceland based airline made the announcement today on his website grounding all flights immediately. the move comes after wow air failed to reach an agreement with investors. the company says passengers should book flights with other airlines and contact their credit card companies for refunds the airline began operations in 2012 and operated flies from 27 airports between north america and europe. >>disney is bann

i want to get your take on the wells fargo ceo tim sloan stepping down.or elizabeth warren, a presidential candidate tweeted out it is about damn time. tim sloan should have been fired a long time ago. she went on to tweet the follow-up. getting fired should not be the end for tim sloan and he should not get a golden parachute. she went on to call for additional investigation. what you make of how populism is impacting the financial sector, especially with the 2020 cycle in full play? nadeam: there's a difference between populism and policy based on helping the american people. tweets like that at this time are trying to draw attention. impact it is going to other presidential candidates who are running for congressional candidates who will be up in 2020 remains to be seen this time of language and this type of tweet is meant to draw a reaction. at the end of the day, you have to legislate in a bipartisan way. if there is a problem with a sector in the economy, you cannot make a change unilaterally. on this topic of wells fargo, president trump scored poi

. >>> the embattled ceo wells fargo tim sloan is stepping down. he has been at wells fargo for three decades and says wells fargo would benefit from a fresh perspective. the bank's board plans to replace him with an outsider. the company has struggled to overcome a litany of scandals in that 2016, there was national backlashoff employees creating millions of fake accounts to meet sales quotas. they also admitted charging borrowers for auto insurance they didn't need and mortgage fees they didn't deserve. >>> he will have to take a long one. step back three for the tie. he's done it again! >> madness was back thursday night for the sweet 16. purdue held off a big rally by tennessee before pulling away in overtime for a 99-94 win. boilermakers reaching the elite eight for the first time since 2000. virginia the top seed in the south advanced for a hard-fought win over the number 12 seed oregon 53-49. and gonzaga in the elite eight for the first time as the zags top seed in the west defeated florida state 72-58. texas tech head to their second straig

it looks as if ceo tim sloan is set to retire.aying that we will instead have alan parker as the interim ceo and president and the new board selects, but tim sloan select to retire from wells fargo. >> if you think that to what has happened at wells fargo since september of 2000 -- 2016, excuse me, when the fake account scandal interrupted, it has been a never-ending, nonstop drumbeat of scandal after scandal after scandal, in addition to the bogus accounts, we have had inappropriate mortgage fees, people being put into car insurance and pet insurance that they did not sign up for, altered documents in the wholesale lending business that spurred a justice department probe, incorrect pricing and fees for foreign exchange in the wealth management business, people being foreclosed upon because of computer glitches. this stuff is just almost beyond belief when it comes to a bank and while sloan has been insisting time and again that he and the rest of his colleagues at the bank are doing the right things -- they brought in a new chair

sloan retirement moves a head wind which is it? a pretty simple call you don't own this stock let's start off with the financial sector has been horrible if you want to be in this space, why not either in the high quality like jpmorgan. you don't have quality they are still in the penalty box with the fed elizabeth warren has a picture of this on her office wall with dart board it's not cheap it's comparable to jpmorgan. >> banks do they work in this environment we're in where yields and falling rates are the headline every day? >> i think it depends which kind of bank you're talk about. >> big money center banks. >> look, i don't typically look at banks this way but the spread business is much more difficult to operate we're also later in the cycle with respect to credit standards and such so there's probably more risk on the down side even though they are not performing that well you would need, i would say some identifiable catalyst for banks to move higher and if people want to talk about steepening yield curve that means the f

sloan failed to prevent similar scandals afterward. >>nice somewhere and there is a news so for rich multimillionaire. but at least 2 bay area people are now in the millionaire club to we'll have d to simone, i leave the van gogh. to harrison, the wine collection. grace, you get the beach house, just don't leave the lights on, okay? to mateo, my favorite chair. to chris, the family recipes. to craig, this rock. to jamie, well, let's just say, enjoy the ride. the redwoods to the redheads. the rainbows to the proud. the almonds to walter. the beaches to the bums. and the fog to, who else, karl. i leave these things to my heirs, all 39 million of you, on one condition. that you do everything in your power to preserve and protect them. with love, california. >>is the star which is significantly richer today after selling the winning powerball ticket worth million. it was sold and suburban milwaukee in a town called new berlin. if the winner chooses the lump sum they will receive 477 million. that winner has yet to come forward the jackpot

speaking to us from virginia so that is obviously a supporter of trump let's not speak to douglas sloan he's a democratic strategist he's joining us live from washington d.c. so i'll go out on a limb here and say that you're not happy with the summary of the report yet what it did say douglas sloan is that the investigation did not establish that members of the trump campaign conspired or coordinated with the russian government so this is a significant political victory for donald trump. well yes and quite frankly as an american i am happy that the president of our united states was not found guilty of collusion with a foreign power so.

. >>> wells fargo ceo tim sloan says things are fixed. tim sloan faced a committee monday.man maximum sene waters sas not been able to keep the bank out of trouble. sloan said this. >> i think the way in which we serve our customers is reflective of the changes i've made since i've become ceo. >> federal reserve still has an asset cap on wells fargo for widespread consumer abuse. the cap keeps the bank from expanding. >>> disney's takeover of 21st century fox will take effect later this month, changing the entire entertainment industry as we know it. the $71 billion deal to buy most of 21st century fox will take effect on march 20th. disney is picking up the studio, a controlling stake in hulu, a suite of entertainment channels like fx and nat geo and other assets. the remaining portion, fox will be spun off in a new company simply known as fox. it will include the fox broadcast network, fox news. and fox sports. fox is now bracing for layoffs. analysts expect disney will lay off at least 5,000 people. >>> "early start" continues right now. >>> paul manafort could get ten m

and lawmakers want to know what tim sloan is doing to do right by customers. you can follow this hearing online. m&a outlook for a big banks. i spoke with the united ceo on the future of financials. that is next. this is bloomberg. ♪ vonnie: in new york, i'm vonnie quinn. guy: live from london, i'm guy johnson. this is the "european close" on "bloomberg markets." here is abigail doolittle. abigail: we have a mixed picture in the u.s. and also in europe, as we look at the major averages is downwill see the dow and the s&p 500 is up, just a little bit. we also have the stoxx 600 down, a bit of a haven bid, although the stocks are not moving much. this after yesterday being the best rally in five weeks. while that followed the worst week of the year. uncertainty on the part of investors. however, where we have a solid bid, the bloomberg commodity index is up and on pace for its best day in three weeks. that is a risk asset, so there is a bit of a risk bid there. and individual commodities are rallying. on pays for its best day since july of last year. copper is a

withh: as we saw last week tim sloan's hearing in front of the house financial services heatttee, he drawn from both sides of the aisle with the scandals that of got on with wells fargo. there is pressure there for there to be action. there's not a lot we know but is definitely up to shareholders and the board as to how long tim sloan gets to stay in his position. what are the factors that would plane to that. is there an annual meeting anytime soon? hannah: there is annual meeting next month. that will be something to watch. a big factor to watch is the regulators. they have seen action from the from the occ against wells fargo in the midst of some of these scandals. we have been seeing in the fall the oh so see -- the sec removing members of -- the occ remember -- removing members of the operating committee. there could be action there. guy: we know how the board is structured. is there a five about what is going on within that board? hannah: the board has had a lot of refreshment over the last couple years. betsy duke is the chairwoman and she was the former regulator herself. the

tim sloan, we're going to be live from hudson yards, which is opening up last night. a big day. a ribbon cutting ceremony. we're going to talk to the ceo of wells fargo about financing the huge development project as well as his testimony this week in front of aoc on capitol hill. stay tuned you're watching "squawk box" here on cnbc ♪ you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. get e*trade's simplified technical analysis. >>> welcome back we got more fall-out this morning from the college admissions cheating scandal. the hallmark channel has fired actress lori loughlen for future projects she was indicted as part of operation varsity blues. loughlin is accused of paying half a million dollars in bribes to increase their daughter's chances of getting into the university of southern cali