Reuters: OCC Will Reivew Wells Fargo CEO Pick

Reuters reported that the Office of the Comptroller of the Currency told Congress that it will will review the next pick for Wells Fargo’s chief executive.

BofA Agents $500MM ABL Facility Extension for Resolute

Resolute Forest Products completed a 5-year extension of its senior secured ABL revolver an aggregate lender commitment of up to $500 million at any time outstanding. Bank of America served as both administrative and collateral agent on the facility.

Wells Fargo Survey: Business Owners Show Optimism, Confidence in Economy

Optimism among small business owners is strong, according to the latest quarterly Wells Fargo/Gallup Small Business Index. The survey also revealed that over half of business owners reported little impact to their tax situation along with a rising interest in credit.

Wells Fargo Struggles to Find New CEO Under Pay Limitations

Reuters reports a source familiar with Wells Fargo’s search for a new CEO says the attempts have been hobbled by pay limits.

Wells Fargo Upsizes OSI Systems Credit Facility to $535MM

OSI Systems amended its senior secured credit facility, increasing the amount available to $535 million. Wells Fargo served as administrative agent.

Barclays Agents Up to $155MM DIP for CTI Foods

The U.S. Bankruptcy Court for the District of Delaware has confirmed CTI Foods’ plan of reorganization. Barclays Bank and Wells Fargo are providing an $80 million ABL revolver and a $75 million term loan to support the restructuring.

Wells Fargo Agents $1.3B Facility for Six Flags

Six Flags Entertainment entered into a new seven-year $800 million senior secured term loan facility and five-year $350 million senior secured revolving credit facility. Wells Fargo served as administrative agent for the transaction.

Well Fargo Q1/19 C&I Interest Income Up 23 Percent

Wells Fargo reported Q1/19 earnings of $5.9 billion was up from $5.1 billion a year earlier. C&I interest income was also up 23 percent compared to a year earlier while lease financing interest income and yields were down from Q1/18.

After Consumer Scandals, Wells Fargo Struggles to Recruit Corporate Clients

Three years after a sales practice scandal rocked the bank, Wells Fargo is struggling to recruit new clients for its corporate bank, according to a new report from Reuters.

Wells Fargo CEO and President Sloan to Retire

Wells Fargo’s CEO and president Timothy J. Sloan will retire from the company, effective June 30, 2019, and will step down as CEO, president, and board member effective immediately.