Wells Fargo & Co. (NYSE:WFC) Neal Blinde, bank treasurer spoke at a conference regarding the bank’s fiscal position and is optimistic due to the recent run up in interest rates. At the Bank of America Merril Lynch conference in New York, Blinde said “the company’s core measurements of fiscal strength, including capital and liquidity levels remain healthy,” according to a report from S&P Global Market Intelligence. “He added that Wells stands to benefit from higher interest rates, calling the recent push in long term rates ‘a really nice trend’ that, if continued, would boost the bank’s interest income,” the report said.
The bank has been in a vulnerable state since the company agreed to pay a $185 million fine due to illegal sales practices. Employees had enrolled customers in programs without their knowledge or consent to push for aggressive sales goals.
This week, Four Wells Fargo shareholders have demanded changes in the bank’s board structure in order to improve operations. The recent sales scandal has resulted in the resignation of the CEO, John Stumpf who was replaced by Tim Sloan and Stephen Sanger on October 12th.