. >> reporter: today wells fargo ceo tim sloan apologized saying their first priority is to make things right for customers, a balance sheet that remains very much in the red. anne thompson, nbc news. >>> now to a big show of force as the u.s. and south korea respond to north korea's latest missile launch by issuing a clear message to kim jong-un about the firepower he could face. our chief foreign correspondent richard engel has details tonight from south korea. >> reporter: today was america's turn to flex its muscles to kim jong-un. a senior u.s. military official tells nbc news the american and south korean war planes that buzzed over south korea flew close enough to the border that they were visible inside north korea before veering off to drop bombs on a south korean range. the aircraft took off from japan and guam and are among the most sophisticated in the u.s. arsenal. two b-1b bombers, four f-35 fighter jets. and the u.s. isn't just showing it can fight from the air. today american marines were honing their skills in live fire exercises. u.s. forces in south korea are always o

. >> wells fargo ceo tim sloan apologized saying the first priority is to make things right for customers. a balance sheet in the minds of many remains very much in the red. anne thompson, nbc news. >>> it's 4:26. "news4 today" continues now with aaron and erika. >>> right now on "news4 today," a purple heart recipient seeing red. why this local veteran had no choice but to chain himself to hisn anybody on edge. a man opening fire down april metro escalator. the new information we've learned about the gunman. >>> you've seen gas prices rise $.10 over the last week because of harvey. get ready for another jump in prices. what you need to know before the holiday weekends. >> 4:27 right now. gorge. i'm aaron gilchrist. >>> i'm eun yang. >>> we' erika gonzalez in for eun yang. >> it's finally picking up speed and making its way through the midwest now. we'll feel its impact here soon. >>let get to sheena with the latest on what we will see before we go to jack taylor at wtop. >> good morning. the rain is mainly in kentucky direction. it's centered over tennessee and we're seeing the cloud cov

tim sloan heading to washington next week on tuesday for a hearing.es they faced over the last year priced in clearly the multiples come down. could things get worse again from a share price perspective for wells fargo related to this? >> it's been noise the bank is still trading around 1.6 times tangible book, historically where it's been because they perform very well they deliver >> but relative to the bank's index over a year, it had traded on a premium, now it's discount. >> it's come off a bit, but still a premium stock. you compare it to jpmorgan or bank of america, it's well above them in terms of the metrics you have somebody like a u.s. bank, two times fluc very expensive i think it's mostly noise. the wells board has to get their act together whatever they say in washington this week, they better make sure they know what's going on and they got it right. because the real issue with them is internal systems and controls the fed f they contin, if they stumble, will continue to make changes. they have the right to change any offer. they have t

they do need to see the changes and practices which tim sloan, the current ceo is implementing and working diligently to do >> the share price of wells fargo in the year and a bit more than a year since the scandal broke is underperformed the bkx by about 25%, 30%. significant under-performance relative to the rest of the index already. is the share price impact of this whole scandal already fully priced in? is there upside to come as and when they do announce more changes and these things are behind them? >> i think what the under-performance is suggesting in our view is that the culture of this organization has been changed. as we know, wells fargo for many years, 5, 10, 20 years was an outstanding stock to own part of the reason was they had strong top line revenue growth that's changed now because of the scandal. they're putting in new policies. what the market or what the stock is telling us is there's slower growth ahead for this company versus their prior history. >> let's talk about the fed meeting. we're not expecting a rate hike today. we're expecting balance sheet normalization.

harvey schwartz at 7:30 expected to address their recent problems in the trading department and tim sloant 8:15 a.m. he added himself about ten days, two weeks ago, so clearly feeling like he needs to respond to investors more importantly, we're hosting a who's who of the investor community with hedge fund titans, private equity giants and top institution investors offering their views on the market and some of the best ideas. we'll have coverage throughout the day here on krn. head to deliveringalpha.com for more information lots of big names. >> got a good mix. bankers and hedge fund managers and policymakers >> exactly right >> and i'm doing the most heavy duty debt panel later in the afternoon. >> but you love that >> i do love it. right now, there is a bing for corporate product. >> and up next, a developing story out of north korea as the u.n. security council unanimously steps us sanctions >> and later, demanding answers. lawmakers send a letter to the equifax ceo following atth company's data breach. the full details when "worldwide exchange" comes back whether it's connecting one

. >>> wells fargo's ceo tim sloan will go to capitol hill next month for a grilling by the banking committeehe will discuss steps the bank is taking following the phony account scandal as well as enrolling customers in programs they didn't ask for. >>> dramatic video. atlanta police released this of officers responding to a vehicle fire police used fire extinguishers to break the windows and spray the victims. firefighters arrived moments later and got people out safely. eye t hpith'rinheostal being treated for their jar injuries ♪ can i get some help. watch his head. ♪ i'm so happy. ♪ whatever they went through, they went through together. welcome guys. life well planned. see what a raymond james financial advisor can do for you. >>> welcome back let's have some fun. the new iphone 8 and the new apple watch series 3 are available to you tomorrow. but you don't have to wait to see them because our tech product editor, todd hazelton, got a sneak peek at the new gadgets. he has both physically in hand watch out for najarian, he's statugo sticky fingers let's talk about the phone first because

think equifax goes lower >> talk about skeletons, you talked about management change at wells fargo tim sloan, now the ceo, was the coo during a lot of these activities i think there's another shoe to drop especially after these increased numbers of phony accounts open. i don't know why this guy is still in his seat. >> do you think there's upward vibe >> yes, i do i've seen paper come in there, that's one >> the bias has been negative before >> when i see the stock sell off in the past, what it got down to was 1.3 times book, not pe, times book that's been the low end. it's at 1.4 now. it's traded much higher. obviously as it's pushed down, and i think these levels present an opportunity once again. i could be wong. i actually don't own options i own the stock. i bought the stock >> why do you think the stock should recapture its previous price to book valuation if it has to change a little bit >> this is still a company that can go out and make money. i think they can make lots of money. there are different parts of the loan world where they do a crisper job. these are huge mistakes they ma

lot of time the public gets it -- that's the window perhaps that the hackers inform wells fargo, tim sloan financ information, your >> no safe place for any of this data it comes to digitally pentrabl >> keep your eye on frey market. we might expect lighter market experience the lexus rx with advance safety... standard. lease the 2017 rx 350 for $399 a month for 36 months. experience amazing at your lexus dealer. openin bell in just about four let's bring in our director of art, get your reflexes on the >> they are getting close to perfec the fed doesn't hike unless we're getting awfully close to that i think what i'll keep an eye on for the next couple of weeks is the dollar starts to strengthen multi- what will you know me for a year i said, i still have suspicions for they a going three hikes next year we got to remember that we'll this you're going to have fisher out. severa vacancies that will be replac so it's nice to know what the may not be around to make those decisi >> does this mean you're worried about the rally. the dow did have nine straight sessio fresh record highs here >>

>> at this point, listening to the ceo tim sloan, they'll notify you and be refunded and the issue is trust, losing the trust of the american people, you need to trust your bank. it is where your money is. >> bad, bad headline. >> stephanie, good to see you. thank you. >> thank you. >>> also this morning, the tragic death of a fraternity pledge at penn state university is back in the spotlight with the judge set to rule today on whether the case against his fraternity brothers can move forward. 19-year-old timothy piazza died in february after a night of drinking and hazing at a fraternity. he became so intoxicated he fell down several times including a flight of stairs and though unresponsive, prosecutors say nobody called 911 until almost 12 hours after that first fall. the fraternity brothers face charges including involuntary manslaughter, aggravated assault and reckless endoingment. >>> homeland security took a step to building the wall. customs and border protection officials say they have contracts to four companies that will build different prototypes. although funding is in q

will you give up your own bonuses ahead of the board decision to discuss it >> tim sloan will take overargo and that ceo john stumpf will retire as chairman and ceo >> all that happened within the first month. wilfred frost has been following the developments since then and where they stand today a lot more accounts than we first knew about >> we saw news there of mr. strum's resignation. he to forego 1$169 million of hi pay as well. the boert board received its criticism, with nine member members receiving less than 50% approval that led to a new chairwoman being announced last month but the most significant recent revelations, as you were saying, the original sales scandal could have affected 3.5 million accounts rather than 2.1 million on top of a fresh issue in auto insurance. that raised questions about the new year-old leadership team given their messaging earlier in the year >> you said in the past that you thought things would get worse before they get better where are we on that sort of scale of things? is the worst behind you? is it improvement in sales numbers in terms of tre

sloane stephens has won the us open in new york. she beat madison keys in straight sets — to pick up herfirst grand slam title. the bbc timearly a year out with a foot injury. now she is the us open champion and a grandslam winner for the first time. but in truth, it wasn't all that much of a competition. her opponent, fellow american madison keys, never really got started. a series of unforced errors helping stephens to an early lead. the nerves were perhaps understandable. neither player had reached a majorfinal before. their combined ranking the lowest in a us open final since rankings were introduced. either way, sloane stephens soon racked up the first set 6—3. she did occasionally have to work for it, producing flashes of brilliance her opponent had no answer for. and to be fair, madison keys did also set show some of the form that got her to this final but all those unforced errors meant it was too little, too late. applause the second set was a walkover. stephens winning in 6—0. cheering and applause she's the first american woman who isn't a member of the williams family to win a major title in 15 years. now she'

sloane stephens has won the us open in new york. she beat madison keys in straight sets — to pick up herfirst grand slam title. the bbc tim ago, sloane stephens was 957 from the world rankings. she had a year out a foot injury. now she is the us open champion and grandslam winnerfor the first time. but in truth, it wasn't all that much of a competition. her opponent, fellow american madison keys, never really got started. a series of unforced errors of helping sloane stephens to an early lead. the nerves were perhaps understandable. neither player had reached a final before. their combined ranking the lowest in the us open final since rankings we re the us open final since rankings were introduced. either way, the us open final since rankings were introduced. eitherway, sloane stephens took the first set 6—3. she did occasionally have to work for it, reducing the flashes of brilliance her opponent had no a nswer brilliance her opponent had no answer for. brilliance her opponent had no answerfor. and brilliance her opponent had no answer for. and to brilliance her opponent had no answerfor. and to be fair, madison keys did