tim sloan out as ceo of wells fargo.t ends a 31-year career at the bank the company now on the hunt for awe new ceo who will no doubt come from outside the company. now, in an odd bit of timing, warren buffett was live on cnbc just hours before the news broke talking up his support for tim sloan. >> does tim sloan have your support? >> oh, yeah, 100%. yeah, yeah i don't want his job >> attorney c. allen parker who joined the company just two years ago will serve as interim ceo while a permanent new successor is found parker will receive a base pay rate of $2 million a year plus $2 million in grants we're joined by writer bethenny mcclain. do you believe that tim sloan quit or was this p.r. spin for his ouster from wells fargo? >> well, there was a lot of anger after the hearing a couple of weeks ago, as you alluded to. it's really rare to have regulators be as critical of a bank as both the occ and the federal reserve were of wells. one person described sloan's demeanor in that hearing to me as both defiant and defensive

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

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

tim sloan announcing that he is stepping down from his job at the bank effective immediately shares ofgo jumping on that news. senator elizabeth warren had been calling for sloan's ouster. she took a victory round yesterday on twitter tweeting i'm glad tim sloan got canned, but let's be clear if he broke the law, he should go to jail like anyone else. my ending too big to jail act would insure that bank executives can be held responsible and personally for their banks cheating she also said about time, i think, kind of taking a page out of aoc, coming after it, and pretty snarky. >> there's a rising tide against wall street in this way, right with the new left and i think -- >> they're all trying to outdo themselves, though >> it was the who dat sort of response to the whole thing? >> i don't know how well that plays out, but i think senator warren actually has set a lot of the tone and a lot of the sort of standards in terms of how 2020 will play out in terms of what to look at. there is a whole call for breaking a big tech, et cetera i think she wants to take a closer -- >> i know yo

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

i mentioned that warren was never -- she was going to run on tim sloan. s dping to run on this is a man that kept his job despite the report where it is not exonerated tim got a bad hand he turned it into a decent hand. people will say i got buy the bank stock right now they getting it outside. it will make it so they do not the way they do if tim stayed. >> a good point as well to bring up sarah and going from an outsider next. mac is head of kplaunty bank and was in a different role at the time of the scandal. an outsider definitely placed that the former contender who lost out to daifrd has been -- >> he shot that down didn't he >> not recently. it is a big retail bank. the other question for them is who is the optimal candidate it is hard to pluck someone from the big five or big six. we'll have to wait and see about that process coming forward. i would also add the company is definitely framing as this was tim tim's decision to retire i think it increased the pressure >> there's lots to collect from there. there's a lot of people i think would love th

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

ceo tim sloan steps down with immediate

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

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

. >>> 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

tim sloan faced a grilling from legislators during the hearing. >> let me be blunt-- you're here todayause wells fargo mistreated and defrauded its customers. >> reporter: sloan has tried to repair the damage in the wake of numerous scandals, like accounts opened for consumers who didn't ask for them. auto customers were forced to buy insurance they didn't need, and homeowners who should have gotten loan modifications but t, lt r 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, meggan halvorson 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. >> they think that a lot of employees still feel that high pressure in order t

>> i would not trust my money with wells fargo even if tim sloan was removed it.down to the retail level this. was systemic. charles: if you're management, guesting bonuses open up the accounts, if you're a low level person. >> true. some of those guys or gals were trying to keep their jobs. charles: sure. >> that does not excuse the misbehavior. you can always leave your job. if you're a banker you can go somewhere else. this is part of the reason why there is such a low multiple on entire banking system. charles: i was going to ask you, for the last year xlf, s&p financials. the worst performer in the entire market. it is down almost 12%. remember a year ago everyone said financials would outperform because the fed will raise rates. they raised them four times. this year everyone is saying financials outperform. is it lingering issues hurting them or much more? >> this is part of it. what the fed did kept increasing short-term rates, damage the yield curve. charles: is that what they wanted them to do? >> that is what they wanted them, operation twist in 2011 wa

wells fargo ceo tim sloan is appearing before the house financial services committee and u.s.ert light hig lighthizer is testifying on trade. we'll monitor both of these hear,s and bring you any updates in realtime. >>> good morning welcome back to "squawk on the street." i'm david faber with melissa lee and mike santoli sere i sara eisen has the morning off we're a half hour into trading a mixed bag really because of the performance of boeing which is a key component of the dow. pressuring that overall. but let's say the market is up and our road map does start with boeing piling on moments ago the uk announces it will be the latest country to ground boeing 737 max 8 jets we'll bring you more on what is a rapidly developing story >> plus, president trump unveils his record $4.75 trillion budget we'll break down the increases and decreases in spending. >> and senator warren goes after big tech now they seem to be going after her. facebook deletes and then restores warren's ads. we've got the details. >>> but we begin with boeing the uk, australia, singapore and malaysia are th

become a distraction, that impacts our ability to successfully move wells fargo forward. >> that was tim sloanlf having some trouble with his mike we'll get back to him i think to get more on that report, of course mr. sloan somewhat unexpectedly stepping down. sara, he said 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 b

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

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

♪ >>> what can i say about tim sloan, the ceo of wells fargo who announced his resignation yesterdayounded by congress for years i don't think he wanted wells fargo to go what he was going through, and the only way to do that was stepping down at a time when bankers are being roasted in washington, he had to fall on the sword or wells fargo would never being to put the scandal behind him, even if he had nothing to do with it. he said, this was my decision based on what i thought and believe is the best for wells farg oes, because there's just been too much focus on me and it's impacting our ability to go forward. he says, i care so much about this company and about our team, that i could not keep myself in a position where i was pki inbeg a distraction. so what really happened here if you're feeling cynical, you might say the board couldn't take a distracted ceo anymore, so tim had to leave. but the board handed him a 5% pay raise. why not? wells fargo deliver a very good year, much better than any reasonable person would have expected a year ago at this time now, april 10th in washi

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

wells fargo ceo tim sloan stepping down after 30 years at the bank it was a surprise move yesterday eveningoan said in a statement i have decided it's best for the company that i step aside. the 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

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

>> 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 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

wells fargo, what's next for the game after the ceo tim sloan resigned, seemed pretty sudden.it. what do you think? >> i think they probably gave her up. one of the things that happened, you're looking at tim sloan being there all through this entire debacle, we'll call it, for lack of a better word. they brought in a new chairman and they've cleaned house in terms of the board. we're looking at the next level. the occ has come in, said they haven't been happy with what's been going on. they say they have to clean up things we thought were taken care of, might not have been taken care of at the pace the government was looking for. ashley: it's important to bring in i imagine a new leader that doesn't have connection to the past sins, right? this bank has had such a black eye and its reputation is not great at all. >> well, not to steal the line from the person who came on before, but he came in like a lion, tim sloan, and he's going out like a lamb. ashley: that's the theme. >> if we're looking at where the company is currently, you're going to have to bring in someone else to

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

no comment from the white house nor the trump organization. >>> the embattled ceo of wells fargo tim sloan is stepping down. sloan has worked at wells fargo for three decades and says the company would benefit from a fresh perspective. the bank's board plans to replace him with an outsider. wells fargo has struggled to overcome a litany of scandals. in 2016 there was national backlash over employees creating millions of fake accounts to meet sales quotas. and wells fargo 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 fourth time as the zags top seed in the west defeated florida state 72-58. texas tech

tim sloan of ceo weltz fargo, he has only been on the job two full years and a couple of weeks, couple of months. it's a remarkable job. the board has changed over dramatically and has -- the financial results, oh, my gosh, they have the best dps in the last 166 years since the company's founding, and i think what we saw is we've seen it in capital. some grandstanding at the expense of an easy scapegoat i thought it was appropriately harsh. they're missing the main story this guy is almost a -- tim sloan, he is not some wild back-slapping guy. he is really quietly getting the job done every single problem, unlike before, we were surprised by regulators, and now the company has been surfacing those things, and the board has just endorsed that with a nice pay increase for him showing the heck with all this they've chosen to reward this guy, around 18 million that's great even giving him a bonus this past year, that shows how well they see he is doing on the job. it's a great story of quiet comeback >> always great to get your thoughts on that matter. we appreciate it >> well, let's now t

. >>> wells fargo ceo tim sloan says things are fixed. tim sloan faced a committee monday. an 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 mo

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

here is what else is coming up >>> wall street starts weighing in on wells fargo after ceo tim sloan announces he's moving on calls of the day are next. our ta ta party ners on kensho the numbers show it's up 80% of the time oil so far up 32%. for more kensho, go to cnbc.com/ cnbc.com/cnbc.com cnbc.com/kensho. >>> big stories we continue to follow this hour shares of lyft about 14% after opening for trade under an hour ago. $82.19 ten bucks higher that's a little more than 14%. the federal reserve quarrels making comments that further rate hikes, that's right, hikes, may be necessary stocks to give back some of their gains. we are keeping our eye right there in london as well. you can see a large crowd. prime minister may lost a crucial vote this is the third on her proposed brexit deal you have a comment, jim? >> i do because you brought up the brexit and whether it's pricing the market or not. i think what's price sboods the mark market is hope which is a strong and dangerous word i think the market can handle brexit but what it can't handle is brexit and germ many having a stake d

tim sloan is stepping down with immediate effect amid mounting pressure over a string of inking scandals. shares jumped in late trading as they named general counsel as interim chief. sloan has faced increasing criticism about corporate culture and sales practices. wells fargo was charging for services companies -- customers did not request or received. global news 24 hours a day over the air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ the bond rally east. we seeing the s&p 500 stay on track to close out its best quarter since 2009. su keenan joins us now. you have put into perspective. we had a volatile few sessions, but also the best quarter in years. su: s&p 500 up more than 12%. the take a look at how we closed the dollar, having its third day of rebounding from a 15 month low. if we look at where the strength and weakness was, materials, chemical materials. losers, utilities and financials. go into the bloomberg for how financials may counts more than tech. gtv is where you can find our library of charts

learn what a cfa charterholdr can do for you at therightquestion.org >>> wells fargo ceo tim sloan on hill today we'll have highlights of his testimony next. >>> lawyers of elon musk saying the s.e.c. is infringing on his first amendment rights we'll look at wh icoatt uld mean for the stock coming up on "closing bell. this is my headquarters. this is where i trade and manage my portfolio. since i added futures, i have access to the oil markets and gold markets. okay. i'm plugged into equities - trade confirmed - and i have global access 24/7. meaning i can do what i need to do, then i can focus on what i want to do. visit learnfuturestoday.com to see what adding futures can do for you. >>> wells fargo ceo on capitol hill today appearing in front of the house financial services committee. you were monitoring that rather long hearing. anything newcombing out of this? anything we didn't know about the wells fargo practices? >> not specifically new. of course this comes some two and a half years after the scandal first became public and facing today the house financial services ommittee,

fired you're the biggest shareholder in wells fargo does tim sloane have your support? >> yeah, 100%. i don't want his job i actually came in once 28 years ago. the whole world was mad at him i was scared because i didn't know what additionally had been done ten years earlier, five years earlier and how i deal with it because people were furious with us. i'm very empathetic when he walks into a big problem at a very, very large and politically sensitive institution. maybe 250 or so thousand people and the bad acts of one of them couldn't reflect on you. that's the only thing i worry about. i don't worry about our financials or earnings, anything like that. short-term or long-term. i do recognize that 390,000 people out there and probably 50 or 100 people are doing wrong at any given time the only thing i have to remember who my partner, charlie munger, an ounce of prevention is more than a ton of cure anything unpleasant, got to attack it's so easy to shove it off or hope somebody down the line solves it, and wells fargo has >> there's a class action lawsuit that has be

as for wells fargo, aoc asked tim sloan, the ceo, which simply funded the project, didn't pay for the. futures this morning. it is only wednesday but, again, we are at least hopeful. the s&p and nasdaq closing higher yesterday. right now, the premarket dow is down by 2 points, s&p, nasdaq barely in the green. coming up, president trump sounding off on socialism with new warnings for the far left and he's not the only one. why one prominent democrat is now urging the 2020 hopefuls of his party to listen up. and it is the nfl trade rocking the sports world this morning. details of the giants odell beckham junior, that is when we return on "fbn: a.m.," sports fans. ♪ oh, why won't you make up your mind. ♪ termites, feasting on homes 24/7. we're on the move. roger. hey rick, all good? oh yeah, we're good. we're good. termites never stop trying to get in, we never stop working to keep them out. terminix. defenders of home. cheryl: the democratic party's left wing is pushing its presidential contenders to adopt socialist policy. could this divide the party? democratic strategy rule alvear j

tim sloan should have been fired a long time ago. he enabled wells fargo's massive fake accounts scam, got rich off it, & then helped cover it up. now, let's make sure all the people hurt by wells fargo's scams get the relief they're owed." earlier this month, democratic lawmakakers grilled sloan on consumer fraud, as well as wells fargo's relationship to the nra, private prisons, and the fossil fuel industry. the following day, wells fargo increased his salary to $18.4 million, incncluding a $2 millin bonus. maryland has become the latest state to adopt the $15 minimum wage after the legislature overrode republican governor larry hogan's veto of the bibil. companies must adopt the law by 2025, or 2026 if they y have fer than 15 employees. maryryland is now the sixth stae to sign a $15 minimum wage into the law. and organizers in gaza have called for a million-strong demonstration saturday, on the one-year anniversary of the start of the great march of return protests at the occupied enclave's separation barrier with israel. a recent

ceo tim sloan taking a lot of tough questions. a new board is in place. the only wells fargo insider. the company has been reorganized. risk compliance taken out of the business units. he says there is better system of checks and balances. all employees have gone through retraining, a focus on ethics. for the record, senator elizabeth warren was not in the room today obviously has called for tim sloan to be kicked out. he actually took over once the scandals became public. but, ms. warren sent a letter to fed chairman jay powell trying to get sloan taken out, basically fired. neil, as we know the stock is down slightly today. but very much underperforming the s&p 500 in the past 52 weeks. neil: i think her argument, he was senior executive back in the first scandal days. he should have been penalized for that. what a mess. deirdre, thank you very, very much. house democrats are investigating whether the president personally sought to stop the at&t time warner merger. no one followed this corporate drama more closely than this next fellow, charlie gasparin

senator elizabeth warren was not in the room today previously called on wells fargo to replace tim sloanbank scandals have been public. he is long-time employee. senator warren written to fed chair jay powell advocating the ouster of sloan. wells fargo down slightly but in the past 52 weeks much worse than the s&p 500 drop at same time. back to you. connell: deirdre bolton in the newsroom. we watch the hearings all the time. you will definitely see grandstanding. looks like we saw some of that today. at same time wells fargo was caught doing stuff pretty rough for customers. melissa: absolutely. it seems like it has gone by. they bring somebody out for the tongue-lashing after the fact. what does that do for the folks? connell: guy wasn't running bank. deirdre said he worked there. but wasn't running the bank. melissa: anyway. economy at risk. flue warning from president trump by the rise of socialism in the u.s. why he says the progressive push will have dire consequences in the nation. cheating, have you heard this story? dozens of wealthy parents and hollywood stars accused of carryin

. >>> 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

tim sloan is out at wells fargo as ceo. more fallout from the bank's fake account scandal and then there's lyft making its wall street debut. what a week, the ride sharing giant priced at the top of the higher range. mountain dews is coming, the soda giant unveils new cans ahead of the game of thrones season premier and they change right before your eyes. "mornings with maria" begins right now. ♪ it's finally friday. ♪ i'm free again. ♪ i start my motor running for a wild weekend. ♪ it's finally friday. ♪ i'm out of control. ♪ get the working blues and let the good times roll. maria: let's check markets. we're looking at a firmer tone this morning, we're looking at a higher opening for the broader averages, futures pointing to strength as global markets are watching trade discussions between the u.s. and china. we've got news over night. steven mnuchin tweeted on the talks this morning. he writes this, quote, u.s. trade representative and i concluded constructive trade talks in beijing. i look forward to welcoming china's v

. >> tim sloan tried to convince the house financial services committee that customers can still trust them. wells fargo is still dealing with backlash from creating fake accounts to meet regular quotas and slapping unwarranted charges on customers. >>> college students graduate with an average debt of more than $28,000. for many, can be a struggle to pay it off. experts say you need a plan to manage college loans before you sign the forms. >> reporter: megan combs went to college to pursue her dream of working in the arts but at age 32, she's still struggling to pay for her education. >> i just want to get this paid. i wants to be in the clear. i'm so tired of this debt. >> reporter: to get her master's degree she took out $61,000 in loans and has made nearly $27,000 in payments but because those payments were too small to cover the interest, she now owes $66,000. >> i should have read the fine print on every single one of my loans. >> reporter: megan is far from alone. student debt topped $1.5 t the >> one of the great rules of thumb is to say what do i think i will earn in the first

by the way, getting fired shouldn't be the end of the story for tim sloan. he shouldn't get a golden parachute. he should be investigated by the s.e.c. and doj for his role in all the wells fargo scams. if he's guilty of any crimes, he should be put in jail like anyone else. wait a minute. wait a minute, david. tim sloan came in after the fake account scandal. he changed the board, he changed management. the stock price is up. that's this about more investigations and putting him in jail? >> i can't endorse a cheap shot like we just heard. having said that, he came in, he was at the bank for about 31 years and we did learn some of the problems in the culture extended beyond the retail sector into the wholesale banking, into the wealth management area, therefore, i do think they need to bring someone in to kind of reestablish the culture. having said that, i love wells far fargo. it's a premier property and unlike some of its competition, it doesn't have all the exposure to the volatile capital markets area. stuart: the stock is up this morning following the

. > wells fargo ceo tim sloan told the house committee they have improved following a series of scandals that impacted millions of customers. this rol stepped into i promised that accountability and transparency would define our efforts, and they have. above all, wells fargo is committed to m ring thingsht for our customers and to earning back the public's trust. a dedicated to compensating every customer who suffered harm because of ourst es. >> sloan was grilled by both democrats and republicans on the committee. 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: