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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wells Fargo and Company | NYSE:WFC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.17 | -0.28% | 59.63 | 59.99 | 59.33 | 59.65 | 2,588,976 | 15:32:59 |
By Ryan Tracy
WASHINGTON -- A senior U.S. financial regulator purchased bank stocks while his nomination for the job was under review, financial disclosures indicate.
Comptroller of the Currency Joseph Otting was confirmed for the post in November and sold the stock in January, according to forms he has filed with U.S. agencies including the Office of Government Ethics.
In a financial disclosure signed by Mr. Otting on Feb. 20, 2018, he lists the sale of stock in Wells Fargo & Co., Goldman Sachs Group Inc., Morgan Stanley and KeyCorp., among other financial firms. It isn't clear exactly when he purchased shares in those companies. But financial disclosures dated March 2017 and released after the White House nominated him for the job don't list stakes in those banks.
The most recent disclosure, dated February 2018, is awaiting certification by the Office of Government Ethics.
All of those banks have subsidiaries regulated by the comptroller's office. Wells Fargo agreed to a major settlement with the office last week related to misconduct at the huge bank.
A spokesman for Mr. Otting said Wednesday he "has met all of his ethical obligations and remains committed to the highest ethical standards."
Mr. Otting divested the stock after taking office in compliance with ethics rules that are meant to guard against conflicts of interest. Those rules didn't apply to him before he took office.
The OCC spokesman also said Mr. Otting uses a professional money manager and "has not made individual decisions regarding specific stocks or securities for several years."
Write to Ryan Tracy at ryan.tracy@wsj.com
(END) Dow Jones Newswires
April 25, 2018 13:34 ET (17:34 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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