Trump says he can defy US Constitution to end birthright citizenship

© Nicholas Kamm, AFP | In this file photo taken on October 27, 2018, US President Donald Trump speaks with reporters before departing for a rally in Murphysboro, Illinois.

President Donald Trump vowed to end the right of citizenship to children born in the United States to non-citizens and illegal immigrants in his latest bid to dramatically reshape immigration policies just days before the midterm elections. Trump would target the citizenship right through an executive order, he told news website Axios in an interview published on Tuesday, a move that would prompt a legal fight.  The right of US citizenship is granted to US-born children under the 14th Amendment of the Constitution, which cannot be changed by the president. The text of the 14th Amendment reads: “All persons born or naturalized in the United States, and subject to the jurisdiction thereof, are citizens of the United States and of the state wherein they reside.” Current Supreme Court precedent shows that the children of non-citizens born in the United States are citizens. It was unclear what specific action his order would pursue, and Trump gave no details. He did not say when he planned to sign the executive order, or how the White House would go about reviewing the change. He has previously lied about proposed executive orders, which have gone unfulfilled.  “This is blatantly unconstitutional,” Omar Jadwat, head of the ACLU Immigrants’ Rights Project told Reuters. “The president obviously cannot overturn the Constitution by executive order. The notion that he would even try is absurd.” Changing an amendment in the Constitution would require the support of two-thirds of the US House of Representatives and the Senate, and the backing of three-fourths of US state legislatures at a constitutional convention. But Trump said he has talked to his legal counsel and was advised he could enact the change on his own. Asked about the dispute over such presidential powers, Trump said he stood by his comments. “It’s in the process. It’ll happen,” he told Axios in the interview, which will air in full on the HBO pay cable channel on Sunday. Trump also claimed that the US is the only country to have such a policy, which is entirely false. There are about 30 countries that apply the principle of birthright citizenship. Some conservatives have long pushed for an end to the guarantee of birthright citizenship. Republican Senator Lindsey Graham welcomed Trump’s announcement on Twitter, calling the practice a “magnet for illegal immigration”.

But other Republicans pushed back on the news, saying that a key tenet of the American Constitution could not be changed so easily. “You cannot end birthright citizenship with an executive order,” said House Speaker Paul Ryan. “You obviously cannot do that,” he continued, speaking to Kentucky radio station WVLK on Tuesday. Trump, whose hard-line immigration stance helped him win the White House, has seized on the issue in recent weeks in the run-up to the November 6 vote that has Americans sharply divided and grappling with race and national identity. His latest comments also come after the deadliest attack on Jews in US history on Saturday and a series of bombs sent to top Democrats and other Trump critics last week. Democrats and other critics have condemned the president’s rhetoric as inflammatory, urging Trump to tone down his language and calling on voters to use the elections as a way to reject such policies. US Senator Chris Coons, a Democrat on the Senate Foreign Relations Committee, told MSNBC that Trump “was driving a false narrative on immigration” in many ways to stoke fear and turn it into an election issue.

Oil prices down on rising supply, trade war

NEW YORK (Reuters) – Oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war. Earlier in the session, Brent reached a session low of $75.09 a barrel, the lowest since Aug. 24. WTI slumped to $65.33 a barrel, the weakest since Aug. 17. Prices were little changed in post-settlement trade after industry group the American Petroleum Institute reported U.S. crude inventories rose 5.7 million barrels last week, more than analysts’ forecast for a 4.1 million-barrel build. Investors will look to official government data on U.S. inventories due to be released Wednesday. Both crude benchmarks have fallen about $10 a barrel from four-year highs reached in the first week of October and were on track to post their worst monthly performance since July 2016. Oil has been caught in the global financial market slump this month, with equities under pressure from the trade fight between the world’s two largest economies. The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of U.S. goods. U.S. President Donald Trump said on Monday he thinks there will be “a great deal” with China on trade but warned that he has billions of dollars worth of new tariffs ready to go if a deal is not possible. Trump said he would like to make a deal now but that China was not ready. He did not elaborate. “One discussion that is developing is that (trade tensions) are hurting demand for crude oil. There’s probably an element of truth to that,” said Bob Yawger, director of futures at Mizuho in New York. The International Energy Agency (IEA) said high oil prices were hurting consumers and could dent fuel demand at a time of slowing global economic activity. Oil production from Russia, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed. C-RU-OUT C-OUT-T-EIA PRODN-SA That is an increase of 10 million bpd since the start of the decade and means the three producers alone now meet a third of global crude demand. The United States is set to impose new sanctions on Iranian crude from next week, and exports from the Islamic Republic have already begun to fall. Saudi Arabia and Russia have said they will pump enough to meet demand once U.S. sanctions are imposed. China, Japan factory output weakens in face of trade threat “The fact that this price weakness is developing just ahead of the official kickoff of the Iranian oil sanctions suggests an amply supplied market in which additional supply was brought to market well in advance of a likely acceleration in Iranian export decline,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

Trump accuses media of stoking ‘great anger’ in US

Despite calls for him to cool his overheated rhetoric after the deadly synagogue shooting and pipe bomb mailings, President Trump on Monday continued his assault on the “Fake News Media” by continuing to accuse them of stoking rage.

“There is great anger in our Country caused in part by inaccurate, and even fraudulent, reporting of the news. The Fake News Media, the true Enemy of the People, must stop the open & obvious hostility & report the news accurately & fairly,” he wrote on his Twitter account.

“That will do much to put out the flame of Anger and Outrage and we will then be able to bring all sides together in Peace and Harmony. Fake News Must End!,” the president posted, just two days after 11 people were gunned down by a man yelling “all Jews must die” at a Pittsburgh synagogue. The tweets also come three days after Cesar Sayoc was arrested for sending 14 pipe bombs through the postal system to a number of prominent Democrats, including former President Barack Obama, his Vice President Joe Biden, and Trump’s 2016 presidential opponent, Hillary Clinton — all outspoken critics of Trump’s. GOP Sen. James Lankford of Oklahoma said Trump can’t be blamed for the actions of a “hate-filled individual” at the synagogue, but urged the president to tamp down his rhetoric because it “doesn’t help the basic dialogue.” “I’ve said this to the president before: The president needs to be more clear in his rhetoric and doesn’t need to be as caustic in his rhetoric,” Lankford said Sunday on CBS’ “Face the Nation.” Anthony Scaramucci, the former White House communications director, said Trump doesn’t need to go to “war with the media.” “There’s no need to have a war with the media,” he told CNN’s “State of the Union” on Sunday. “You know, as far as I’m concerned, you can have an adversarial relationship, but we should be de-escalating this stuff.” But Democrat Rep. Adam Schiff said Trump’s comments set a tone “of division, often one of hatred, sometimes one of incitement of violence against journalists, and there is no escaping our responsibility.” “This president’s modus operandi is to divide us,” the California lawmaker said on CNN. “It’s not enough that on the day of a tragedy he says the right words, if every other day of the year he’s saying things to bring us into conflict with one another.” Trump condemned the synagogue shooting as “anti-Semitic” and “pure evil.” “There must be no tolerance for anti-Semitism in America or for any form of religious or racial hatred or prejudice,” Trump said during a rally Saturday in Illinois.

11 Dead, Several Others Shot At Pittsburgh Synagogue

robert bowers 11 Dead, Several Others Shot At Pittsburgh Synagogue(Photo Credit: Pennsylvania Department of Transportation)

PITTSBURGH (KDKA) – Eleven people have been killed and a number of others injured after a shooting at The Tree of Life Synagogue in Squirrel Hill on Saturday. Police sources tell KDKA’s Andy Sheehan the gunman, Robert Bowers, walked into the building and yelled, “All Jews must die.” Sheehan’s sources also confirmed that eleven people have died. No children are among the deceased. Bowers was reportedly armed with an AR-15 and three handguns. The initial call to 911 was made around 9:54 a.m. and officers were dispatched to the scene within a minute. Two officers arrived on the scene and observed a male who was carrying an assault-style weapon, according to police. Bowers opened fire on the two officers and then retreated back into the building. One of the officers suffered a gunshot wound to the hand and the other officer received several cuts to his face from shrapnel and broken glass. Pittsburgh SWAT officers arrived on scene, formed a small team and entered the building. Upon entering the building officers observed the devestation. SWAT medics carried two victims, one male and one female, outside of the building. The victims were transported to UPMC Presbyterian Hospital for treatment. Officers began searching the third floor of the synagogue when they encountered Bowers again, who opened fire on the SWAT team. One officer was shot multiple times and critically wounded and another officer was also shot multiple times by Bowers. The remaining SWAT officers engaged Bowers while the two injured officers were carried outside to Pittsburgh Paramedics. Bowers was injured in the exchange of gunfire. After being taken into custody, the suspect made statements to an officer that he wanted all Jews to die and also that Jews were committing genocide on his people, according to authorities.

The global selloff has erased $5 trillion from stock and bond markets in October

IStockphoto What’s a few trillion gone from investors’ portfolios?

The recent stampede by investors has erased about $5 trillion in value from global stock and bond markets in October alone. But that shouldn’t be severe enough to affect the economy, for now, according to economists at Deutsche Bank. Still, unless the markets regain their footing soon, the pressure for the Federal Reserve to reassess their monetary policy will continue to mount, they said. “Academic studies of the wealth effect find that households and companies don’t react to short-term fluctuations in their wealth but instead react to a moving average of where their wealth levels are,” said Torsten Slok, chief international economist at Deutsche Bank Securities, said in a note to clients. As the chart below illustrates, global markets shed roughly $5 trillion in market cap just this month, but the total value of equity and debt markets has increased $15 trillion from 2017.

“The bottom line is that we need a more significant correction before it will begin to have a meaningful impact on the economic outlook,” he said. The Fed said wages and prices are rising in its 12 districts and overall economic activity expanded at a “modest to moderate” pace, according to the Beige Book released on Wednesday. The report, which compiles anecdotal observations about the economy, by and large suggests that the Fed is likely to stay on course to execute its fourth rate rise of 2018 in December and deliver additional increases next year unless there is a more dramatic unwind in the financial markets. Much of the stock market’s volatility have been blamed on worries over the adverse impact of higher rates as the 10-year Treasury yield TMUBMUSD10Y, -1.35%  spiked in early October to 3.261%, a level not seen since 2011. A rise in yields leads to steeper borrowing cost for corporations and eventually can slow economic expansion. It can also call make bonds an attractive alternative to more volatile equities. Gross domestic product grew 3.5% in the third quarter, compared with 4.2% in the second quarter, according to a government report Friday. Data showed that consumer spending rose in the latest quarter but was offset by a slowdown in business and residential investment. Even so, with U.S. stocks reeling, the threshold for the Fed to reconsider its hawkish stance may be near, according to Matthew Luzzetti, senior economist at Deutsche Bank. “The recent financial market turbulence should not affect the Fed outlook dramatically unless it becomes more severe and protracted,” he said earlier this month.For that to happen, the Deutsche Bank’s financial conditions index would have to move down to near zero, per the following chart.

“A further 10% decline in equities, which would amount to a roughly 15% decline from the recent peak…would be needed to tighten financial conditions by enough to materially impact the Fed,” said Luzzetti. U.S. stocks headed south Friday with the S&P 500 SPX, -1.73%  and the Dow Jones Industrial Average DJIA, -1.19%  turning red for the year as disappointing results from a handful of megacap companies weighed on investors’ sentiment. The sharp selloff this month has prompted at least one market expert to suggest that stocks are in the midst of a sustained downward spiral. “With the S&P 500 only five weeks removed from its all-time high, we’ve not been definitive about labeling this move a new cyclical bear market. But it’s very likely we are experiencing one,” said Doug Ramsey, chief investment officer at Leuthold Group, in a report.

He noted that the MSCI ACWI Ex-USA Index, a benchmark for 46 foreign markets, closed only 0.1% away from “official” bear territory and the market action reminds him of the dismal summer days of 1990. “While the big event in that year’s first half was the Japanese stock market’s collapse from its late-1989 high, foreign markets of all stripes were down sharply by the time the S&P 500 saw its final high in mid-July,” he said. Back then, the MSCI ACWI Ex-USA bottomed out ahead of the S&P 500, something which Ramsey expects to recur fairly soon.

US Economy Grew by Healthy 3.5% in Third Quarter

President Donald J. Trump (Photoby Joe Raedle/Getty Images)

The U.S. economy grew by a healthy 3.5% in the third quarter of 2018. As Ed Morrissey notes, “For the first time in more than three years, the US economy grew at an annualized rate of 3% in GDP in two successive quarters. The third quarter expansion measured 3.5% following Q2’s 4.2%.” As the Associated Press observes, “The result was slightly higher than many economists had been projecting. It was certain to be cited by President Donald Trump as evidence his economic policies are working.” As CNBC notes, inflation also remains low: “The U.S. economy grew at a faster-than-expected rate in the third quarter as inflation was kept in check and consumer spending surged, according to data released by the Commerce Department on Friday…. “The department said the PCE price index, a key measure of inflation, increased by 1.6 percent last quarter, much less than the 2.2 percent increase expected by economists polled by StreetAccount.” Unemployment recently fell to 3.7 percent, the lowest since 1969. Minority and disabled workers have made major job gains. The Trump administration has helped fuel economic growth by bringing an end to the wave of burdensome and unnecessary new red tape issued by the Obama administration. That red tape often confused businesses, and made them more reluctant to hire people due to increased costs. Since 2017, employers have been able to hire new employees and make new investments without worrying as much that the ground rules will change and make them regret their earlier decision. As Wayne Crews of the Competitive Enterprise Institute noted in 2017, Trump has pruned unnecessary regulations more vigorously than any president since Reagan. And over “1,500 Obama rules in the pipeline but not finalized were withdrawn or delayed.” Crews says this focus on “cutting red tape is exceptionally good news for consumers, businesses and the economy.” In recent years, “the U.S. federal regulatory burden has amounted to nearly $2 trillion annually. This amounts to a hidden tax of nearly $15,000 per household in a given year.” Pruning more regulations “would jumpstart the economy, finally resulting in the economic relief Americans have been waiting for: more jobs and higher wages. It would also help small business owners, driving more growth, investment, and productivity.”However, the strong economy may not last. Many Obama-era regulations were so burdensome or politically risky that the Obama administration issued them in 2016, but with compliance dates in 2017 or 2018. That created an economic time-bomb for the incoming Trump administration. Although the Trump administration tried to delay the compliance dates of these costly regulations, liberal judges have blocked some of the delays based on procedural technicalities, such as the failure to solicit comment from the public before doing so. (It can take two years to repeal or alter a regulation through a formal notice-and-comment rulemaking process). When Obama took over from Bush in 2001, liberal think-tanks such as the Center for American Progress claimed that a new administration’s delays of agency rules issued in the waning days of the previous administration didn’t require an agency to go through “notice and comment” before the delay could go into effect. But after Trump unexpectedly won the 2016 election, liberal think-tanks and interest groups changed their tune. With liberal backing, special-interest groups sued the Trump administration, and got liberal judges to block some of the Trump administration’s delays based on the very procedural requirements that liberals previously claimed didn’t apply. With Trump picking new judges to fill over 100 judicial vacancies, the federal judiciary may get more conservative. As a result, the administration may get a more sympathetic hearing in future challenges to the administration’s delay or repeal of economically-harmful Obama-era regulations. But that depends on the U.S. Senate voting to confirm more conservative judges. The Senate is almost evenly divided between Republicans and Democrats now, and the Democrats are voting together against Republican nominees — not just against conservatives, but even against well-respected moderate Republicans who served capably in the Bush administration. If the Democrats retake the Senate, they are expected to block any future appointments to the Supreme Court while Trump is in office. They are also expected to block virtually all appointments of judges to the federal appeals courts (and perhaps even to federal district courts), leaving many federal judgeships vacant. Initially, the Chief Justice would likely declare “judicial emergencies” in various regions of the country, but as the problem spreads, this would do little to help.

The stock market has fallen in the past month, perhaps reflecting political risks. As one commentator notes, socialism is gaining ground in the Democratic Party.

For example, self-proclaimed socialist Julia Salazar unseated a Democratic incumbent. She did so even though she received plenty of negative press coverage. According to a Gallup survey, 57 percent of Democrats have a positive view of socialism, while most don’t have a positive view of capitalism. Former President Obama recently endorsed self-proclaimed “Democratic Socialist” Alexandra Ocasio-Cortez for Congress. Even a liberal-leaning web site admits that her economic proposals would cost the country $42 trillion. That would bankrupt America.

Fitch says it no longer assumes Britain will get a smooth Brexit

FILE PHOTO: The Fitch Ratings logo is seen at their offices at Canary Wharf financial district in London,Britain, March 3, 2016. REUTERS/Reinhard Krause

LONDON (Reuters) – Ratings agency Fitch said on Friday it no longer assumed that Britain would leave the European Union in a smooth transition and said an acrimonious and disruptive “no deal” Brexit could lead to a further downgrade of its sovereign credit rating. “In Fitch’s view, an intensification of political divisions within the UK … has increased the likelihood of an acrimonious and disruptive ‘no deal’ Brexit. “Such an outcome would substantially disrupt customs, trade and economic activity, and has led Fitch to abandon its base case on which the ratings were previously predicated.” Previously Fitch had assumed Britain would leave the EU in March next year with a transition deal in place and the outline of a future trade deal with the bloc. But Prime Minister Theresa May has struggled to agree a deal that can secure the backing of Brussels and her own lawmakers in the Conservative Party. The ratings agency currently rates British government debt at AA with a negative outlook which means a further lowering of the rating is possible. Fitch cut its top-notch AAA rating on Britain in 2013, citing the outlook for weaker public finances. Ratings downgrades up to now have had little impact on investors’ appetite for British government debt, which is still seen as a safe asset at times of political or economic turmoil. But downgrades are embarrassing for May’s Conservative government, which emphasised preserving the country’s AAA rating when it embarked on an austerity programme in 2010.

US mail bombs: Cesar Sayoc charged after campaign against Trump critics

A 56-year-old man has been arrested in Florida in connection with a mail-bombing campaign aimed at critics of US President Donald Trump. US officials named the man as Cesar Sayoc. He faces five charges including mailing explosives and threatening ex-presidents. Mr Trump said the acts were “despicable and have no place in our country”. Fourteen items have been sent in recent days to figures including ex-President Barack Obama and actor Robert de Niro. Two were found in Florida and New York City on Friday morning. Later, two more were discovered in California. Billionaire and Democrat donor Tom Steyer said that a package sent to him had been intercepted at a mail facility in Burlingame, and another addressed to Democrat Senator Kamala Harris was reported in Sacramento. The incidents come less than two weeks before the US mid-term elections, with politics highly polarised. The president praised law enforcement for the quick arrest of the suspect, describing the search as looking for a “needle in a haystack”. “These terrorising acts are despicable and have no place in our country,” he said. The comments were in stark contrast to Mr Trump’s tweet earlier in the day, when he suggested the incidents, which he described as “‘Bomb’ stuff”, were slowing Republican “momentum” in early voting. But Mr Trump returned to the theme later, accusing US media of exploiting the latest case. “The media’s constant, unfair coverage, deep hostility and negative attacks… only serve to drive people apart and to undermine healthy debate,” he said at a rally in North Carolina. US media reports suggest Mr Sayoc is a registered Republican who attended some of Mr Trump’s rallies in 2016 and 2017. However, the president rejected any suggestion that his rhetoric had contributed to the attacks. “I heard he was a person that preferred me over others. There’s no blame, there’s no anything,” Mr Trump said. Former intelligence chief James Clapper, one of the recipients of Friday’s packages, told CNN: “This is definitely domestic terrorism, no question in my mind.” He said that anyone who had been a critic of President Trump needed to be on the alert and take extra precautions.

“I’m not suggesting a direct cause-and-effect relationship between anything he’s said or done and the distribution of these explosives. But I do think he bears some responsibility for the coarseness of civility of the dialogue in this country,” he added.

Cesar Sayoc was caught at a vehicle parts shop in the city of Plantation, Florida. FBI Director Christopher Wray revealed that he was detained after his fingerprint was allegedly found on one of the packages. Officials also said DNA and mobile phone data were used to track the suspect down. The Department of Justice said he faced up to 48 years in jail. “We will not tolerate such lawlessness, especially political violence,” US Attorney General Jeff Sessions said at a news conference. “Let this be a lesson to anyone, regardless of their political beliefs, that we will use the full force of the law against you.” Law enforcement agencies said Mr Sayoc lives in Aventura, Florida. In 2002, he was arrested for making a bomb threat in Miami-Dade County, and received one year of probation for the charge. Mr Sayoc has a criminal record dating back to 1991 in Broward

Malls fear Sears bankruptcy signs will scare off buyers

If you’re going out of business, try not to make too much of a fuss about it.

As Sears gears up to close some 142 stores after filing for Chapter 11 bankruptcy, some mall operators are worried that big banners and garish signs could spoil the holiday vibe at their shopping centers — and further tarnish the already-battered image of shopping malls. In a filing in US Bankruptcy Court on Monday, big mall owners including Macerich and Brixmor sought to clamp down on attention-getting tactics used by liquidators, including strobe lights, bullhorns and balloons. Likewise, the landlords are looking to ban phrases including “Total Liquidation Sale,” “Going out of Business,” “Everything Must Go” and “Bankruptcy Sale.” Consider the neighboring stores, the mall owners pleaded in their Monday filing. “Shopping center tenants bargain for a certain environment as part of their decision to lease space in centers,” the mall operators said in the filing, arguing that folks handing out fliers about liquidation sales aren’t part of that deal. Indeed, five landlords were so concerned about potential violations that they asked a bankruptcy judge to approve a list of do’s and don’ts before these sales get seriously underway in their malls — the biggest one among them South Coast Plaza in Irvine, Calif. Sears didn’t hire one of the more prominent liquidators like Gordon Brothers, Hilco or Tiger Capital, instead choosing lesser-known Abacus Advisors Group, said bankruptcy attorney David Pollack of Ballard Spahr, who represents Brixmor. “It’s more of a proactive measure, but we also haven’t been able to make contact with the liquidator to make an agreement with them,” Pollack said. In the meantime, the mall operators are not leaving anything to chance. They’ve asked the court to ban neon or “day-glo” signs, and to limit the number of signs Sears is permitted to display in its own stores to five. They’re also asking that any signs not be visible from the “doors or windows of the store.”Exterior signs are out of the question, the landlords contend, while any window signs have to be displayed 12 inches away from the window and cannot take up more than 50 percent of the space. “Landlords have a primary interest in maintaining an aesthetic appearance in the shopping centers for the benefit of all the tenants, especially during the holiday season,” the mall companies wrote. The concerns come amid reports that Sears’ biggest shareholder and former chief executive, Eddie Lampert, is trying to secure a $300 million loan to keep some of the better stores open and humming, sources confirmed to The Post. Lampert is in talks with Cyrus Capital Partners, which holds some of Sears’ existing debt. The bankruptcy loan is in addition to a $300 million loan from Sears’ lenders, including Bank of America, Citigroup and Wells Fargo, which have agreed to provide a temporary lifeline to the 125-year-old retailer.

Two Wells Fargo executives go on leave of absence amid sales scandal review

A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith

(Reuters) – Wells Fargo & Co said on Wednesday it put two executives on leave in connection with ongoing regulatory reviews into the bank’s retail sales practices. Chief Administration Officer Hope Hardison and Chief Auditor David Julian have begun leaves of absence and will no longer be members of the bank’s operating committee, the bank said. The bank declined to comment on the reason for the moves, which it announced in a press release. Hardison is a 24-year veteran of Wells Fargo and assumed the CAO role in 2015, according to the company website. Julian joined Wells through its merger with Wachovia Corp and has served as chief auditor since 2012, according to LinkedIn. Wells Fargo has been coping with the fallout of a sales practice scandal since late 2016, when it was revealed that millions of fake accounts may have been opened in customers’ names by bankers facing lofty sales targets.

Since then the bank has been hit with penalties including a $1 billion fine and a cap on assets put in place by the Federal Reserve.

Earlier this week, the bank settled for $65 million with the New York attorney general’s office which alleged that the bank misled investors about its sales practices. The fourth-largest U.S. lender is still facing inquiries into its customer sales abuses by the Department of Justice, the Securities and Exchange Commission and the Department of Labor, according to Wells Fargo’s most recent regulatory disclosure. The bank is also facing several class-action lawsuits from angry customers. “We remain steadfast in our focus on making things right for customers and building a better Wells Fargo,” Chief Executive Officer Tim Sloan said in a statement on Wednesday.