>> i think tim sloan is exactly right.ly after he took over, he came to omaha at his initiative, totally at his initiative. we had lunch. >> obviously he asked your advice. how do you right the ship. >> he told me what was going on. >> how do you get their reputation back? what would your advice be on that front? >> you start from where you are and you work forward. you've got trust to rebuild. you've got an incredible institution. i mean, in terms of the impact on business, it's minor. they weren't making any money off the program. they were losing money. it isn't like something they were doing that was hugely profitable or anything of the sort. but in terms of the people that are there, in terms of the outside public, it takes time to restore trust. >> wells fargo's new account openings have plunged. the stock price has fallen to a 2 1/2 year low. the sec is investigating, the department of justice, some states attorneys general. do you have faith in wells fargo, the institution? >> oh, sure. sure. we do loads of busines

. >>> wells fargo disclosing securities and exchange commission investigation new ceo tim sloane speaks at a banking conference. put it all in context for us. >> wells revealed in a filing that the sec is also investigating the company relating to the sales practice issues adding to list of existing investigators and admitting that it is something they have thus far escaped. the company increased provisions from $1 billion to $1.7 billion. analyst saying this implies wells thinks worst case scenario is much higher but doesn't mean it will incur another $6 million in charges. the filing said negative publicitity can impact the ability to keep and attract customers. the company disclosed that customer initiated consumer checking account closures rose in september but said they are prepared for things to get worse before they improve since september doesn't include a full month since the news of the scandal broke. they will provide monthly updates. ceo tim sloane confirmed the company is reviewing sales practices across the entire company but emphasized it is not abandoning in full just th

on a call with investors, ceo and president tim sloan says the bank is, quote, assisting former teamembers who left retail banking because they did not meet performance goals and who remain eligible for rehire. now, the 5300 employees terminated for their involvement in creating fake accounts will not be eligible. rather, the offer goes to those who were fired before that for not meeting aggressive sales goals that led to those fake accounts. former employees claim they were fired or demoted after reporting fraud or refusing to open fake accounts. some have now filed a class action lawsuit. that's something yarrow says does not bode well for the bank's gesture to rehire them. >> it vindicates those that were fired. it doesn't necessarily say that there's an improvement in corporate culture if it's a response to a lawsuit. >> reporter: wells did not say how many employees were inappropriately fired but says it is instituting new rules to prevent the culture that led to the scandal. but will the gesture be enough to keep customers? >> so i think for those people that thought about leav

. >> tim sloan has his hands full trying to change the culture. >> the bank is up 12% so far this monthdown 5% for the year. really participating in the bank rally that is the trump trade. >> indeed. rob, always good to see you. >> pleasure to be here. >> come back anytime. the three of us will be back tomorrow on cl"closing bell." "fast money" begins right now. >> "fast money" starts right now. live from the nasdaq market site overlooking times square, i'm melissa lee. pete najarian, brian kelly, dan nathan, and guy adami. tonight on fast the huge run in small cap stocks just took a breather today. but a top chart expert says the run has much more room to go. plus, the hedge fund manager to called oil's plunge to $30 is back with an even bolder call ahead of the opec meeting this week. he'll be here. later, it is the ultimate throwback trade. the market is partying like it's the 1980s all over again following trump's win. we'll tell you the names that could soon rally off this retro trend. first, we start off with the

>> there's a new ceo, tim sloan.rked at the bank in other areas, and he has implemented new leadership in the part of the bank that has caused these problems, and the board has confidence that he will lead wells fargo in a good direction in the future. >> all right. secretary chao, we appreciate your willingness to at least engage briefly on that and of course all your other comments as well. secretary elaine chao joining us. >> that does it for us on. >>> "squawk on the street." billionaire investor ron baron and tesla ceo elon musk, he's made his way to midtown. he'll be live from the baron investment conference up next. there's a lot of places you never want to see "$7.95." [ beep ] but you'll be glad to see it here. fidelity -- where smarter investors will always be. if only the signs were as obvious when you trade. fidelity's active trader pro can help you find smarter entry and exit points and can help protect your potential profits. fidelity -- where smarter investors will always be. yoyeah, i do.e? you guys a

the quarter mutiny and bounty hearings with president warren meeting with president clinton about tim sloan doesn't belong because he's from wholesale which is same as retail. suddenly it's like, hey, wells fargo, whoa. >> best week for banks since 2009. >> yeah. >> 2009. not to mention as you said metals. copper for the week up 15. nickel 13. iron 10. >> valet is up. look, there's a consumer protection period. you know there's a protection bureau that was created to protect us from banks. >> yes. >> well, i don't know, what do you think we do with that? what do we do with that? >> i don't think much happens there. >> maybe we make that more of like a pta thing. i mean honest to god. you can eviscerate agencies. i remember taking this agency law class at harvard and it was like while we were studying reagan was dismantling the agencies we were studying. well, how about this, you know, federal like faa, well, that's -- nothing, he got rid of the faa. there's craziness. you can get rid of these agencies. >> hope we don't get rid of the faa. i think we need that. >> but you can put people in t

ceo tim sloan and the new head of the community bank will be addressing a conference imminently.ith any headlines from that. guys? >> okay. thank you. need you a lot today, wilfred. a lot happening over there. this is going to be interesting to watch now. so there's a higher court. >> there's a higher court. and the idea is that they're going to have to -- the government's going to have to soften in order to get the vote that it needs. many of those members of parliament want britain to stay in the eu. >> well, it's tough. the people voted. 52-48. reminds me of -- >> they're still going to go through with brexit. >> i know. well, you would hope so. why do the referendum if they weren't going to look up to it. >>> fed keeping rates unchanged but in its statement yesterday, the totally non-political central bank inserted a couple of hints that seemed to confirm expectations of a december rate hike. steve leisman joins us with the hints, runs, and errors. that wasn't you. >> i wrote that. i was trying to make a baseball thing and try to make some economic -- any minute they're going

wrote a letter to ceo tim sloan asking about the dismissals of workers in the brokerage unit. fargo said its sales issues took place in the retail banking unit. generic drug -- that justice department has been seeking information from companies like epipen maker mylan. >>> carl icahn has raised his stakes in herbalife. he now holds a 23.1% stake. >>> it's jobs friday. and steve leisman joins us with a preview. and of a critical report this morning that will play into the election. what do we need you for? >> i wrote that. >> a critical -- he joins with us a critical report this morning that will play into the election and into -- oh, they won't -- >> they're moving it for you. you're doing great. you're doing great. >> you go ahead. >> you want me to do it? >> please. >> they're your words. >> please. >> you've made a career and quite a nice living mocking the prompter. >> yeah. >> that's the essence of what you do. >> basically. >> can we show -- there's the prompter. there's joe's sidekick. >> some shows i mock you. >> you mock me as well you mock the people who write in the

tim kaine will make an appearance that will be a spanish-speaking rally. locations and times are still become worked out. also on thursday, mitt romney mccain's re-election campaign. romney will be at sloan park at 6:30:00 p.m. the arizona democratic party taking on the republican party in federal court. >> democrats are claiming that the g.o.p. is trying to intimidate voters. what is this all about? steve krafft is live with the story tonight. steve? >> reporter: well, me show you where the complaint was filed in the striking federal courthouse in downtown phoenix. these lawsuits also filed in the theme, democrats say republicans are trying to tilt the election by intimidating voters but republicans say that the not happening. the complaint filed in federal court accuses the trump campaign and the arizona republican party in con speurrying to threaten and intimidate minorities in voting in the election. the goal, depressed voter the complaint asks a judge for anyone to harass voters in anyway. the republican party says the complaint is nonsense. >> the relief they request is extreme in terms of, what they would ask the court to do to tell people not to do things in the future that are v