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Wells COO expects return of government deals; bank employees complain of other bad practices


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Wells COO expects return of government deals; bank employees complain of other bad practices

In the latest news on WellsFargo & Co., former and current employees claim they were pushedto hard-sell overdraft protections,on top of their already controversial sales quotas.

But the government deals lost as a consequence of the sales quotascandal could be wonback in a few years. Wells President and COO Tim Sloan told Bloomberg News thebank understands the state agencies' decision to cut ties, but expects to rebuildthem soon.

Speaking of Sloan, Wells Fargo has formed a payments, virtual solutions and innovation group,and the corresponding executive appointments have the new officers reporting tothe COO. The New York Times comments themoves solidifythe leadership structure under CEO John Stumpf's likely successor.

In government and regulatorynews, the CFPB's proposed payday lending rules received about 1million public comments — the most a proposal has received, sources told The Wall Street Journal.

And the WSJ reportsthat Hillary Clinton's advisers were worried about antagonizingSen. Elizabeth Warren if the Democratic presidential candidate were to oppose thereinstatement of Glass-Steagall. The staffers' concerns were said to be reflectedin emails that WikiLeaks allegedly obtained from the account of Clinton's campaignchairman.

In other parts of theworld

Asia-Pacific: Indiato restructure 300B rupees of loans; China to swap bad debt for equity

Europe: RBS dataleak; Tryg Q3 earnings; Falcon Private Bank fined

Middle East & Africa: QNB posts Q3 result; Kenyan bank gets CEO; Moza Banco future on table

The day ahead

Early morning futures indicators pointed to a lower opening forthe U.S. market.

In Asia, the Hang Seng dropped 1.27% to 23,549.52, while theNikkei 225 was up 0.98% to 17,024.76.

In Europe as of midday, the FTSE 100 had risen 0.43% to 7,127.86and the Euronext 100 by 0.32% to 890.05.

On the macro front

The NFIB smallbusiness optimism index, the Federal Reserve's labor market conditions index andthe Redbook are due out today.

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