Wells Fargo cancels Vegas junket after furor
The news of what was going to happen with Wells Fargo & Co. in Las Vegas didn’t stay in Vegas.
So a planned casino junket for employees has been canceled under a storm of criticism.
The bank at first defended the trip Tuesday after the Associated Press reported it had booked 12 nights at two of the city’s most-expensive hotels.
Then criticism rained down from Washington about taking $25 billion from the Troubled Asset Relief Program while spending lavishly on a casino junket.
The annual employee conference is nothing new at Wells Fargo (NYSE: WFC). The bank has previously sent workers on all-expense-paid trips to Puerto Rico and the Bahamas cash advance. The latter included a private Jimmy Buffett concert for more than 1,000 of the company’s top employees and guests.
Spending by banks that accept taxpayer bailouts are coming under increasing scrutiny, from sports naming rights to employee-reward programs such as the Wells Fargo trip.
Morgan Stanley on Monday canceled an employee appreciation trip to Monte Carlo. Bank of America Corp. (NYSE: BAC) has canceled all employee incentive trips.