In The News

Employees say more than 100 told they have to relocate or be out of a job

More than 100 workers at Pentagon Federal Credit Union in Eugene are being told to relocate across the country or find a new job after the company announced this week it was consolidating departments and moving many workers in Oregon and Virginia to Texas.

NEW YORK/WASHINGTON April 9 (Reuters) - The day after former Wells Fargo & Co Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees.

At the meeting on March 13, which has not been previously reported, Fed officials were told by four bank employees that little had changed within the bank’s culture since the scandal that engulfed Wells Fargo almost three years ago.

A day before he was to appear at a congressional hearing focused on the biggest banks in the United States, Bank of America’s chief executive, Brian Moynihan, said on Tuesday that the bank planned to raise its minimum wage to $20 an hour from $15 over the next two years.

It was another example of how big banks are trying to deal with shifting political winds in Washington, where they face new scrutiny under the Democrats, who now control the House of Representatives.

Wells Fargo & Co.’s embattled chief executive, Tim Sloan — who has struggled to get the giant San Francisco bank past a seemingly endless series of customer abuse scandals — retired suddenly Thursday.

He stepped down as CEO, president and board member effective immediately, with his retirement taking effect June 30, Wells Fargo said.

Rep. Maxine Waters on Thursday called for the firing of Wells Fargo & Co. Chief Executive Tim Sloan after the bank reported his pay increased last year by nearly $1 million despite continued consumer scandals.