Wells Fargo & Co. has canceled plans to fly members of its mortgage unit to Las Vegas for a pricey 12-day stay following criticism from Capitol Hill that costly celebrations were inappropriate given that the bank has taken a federal cash infusion of $25 billion.
Legislators were reacting to an Associated Press report that described the event, which was to have begun Friday, as a lavish annual junket that had, in the past, treated more than 1,000 employees and guests to all-expenses paid stays at top hotels.
"They're tone deaf. It's outrageous," said U.S. Rep. Shelley Moore Capito, R-W.Va., who sits on the House Financial Services Committee.
In a statement issued Tuesday evening, Wells called the AP story "misleading" because the company already had scaled back the meeting in comparison to past gatherings, and canceled most of what it called "recognition events" for its executives this year. "In light of the current environment, we have now decided to cancel this event as well," Wells said.
Lawmakers and regulators have criticized financial companies for perks and bonuses offered to employees since the U.S. government's $700 billion rescue plan was announced in October. Some companies have cut back.
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