Wells Fargo strongly disputed the characterization of its foreign exchange pricing as being unfair and unfavorable to its customers, as alleged in a story published by the Wall Street Journal on November 28, 2017.
“We informed the Wall Street Journal that their story had fundamental inaccuracies before they published,” said Wells Fargo Wholesale Banking Head Perry Pelos. “We provided pricing data and other information that revealed inaccuracies in the story or that were counter to its negative portrayal of our FX business. Our points and views were either absent in the finished story or not taken seriously by the paper.”
Points in the story that the company takes issue with include:
“While we have made some mistakes in the past, we always work to make it right for our customers, and invite them to reach out to us if they have any issues. But, in our view, the article’s characterization of our overall business practices and commitment to our FX customers is misleading and unfair,” said Wells Fargo CEO and President Tim Sloan. “We proudly serve thousands of customers in our foreign exchange business and are committed to helping them succeed.”
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