The Fed: Fed Vice Chairman Recuses Himself On Wells Fargo Matters

Randal K. Quarles

The Federal Reserve’s top official on regulatory matters on Friday voluntarily recused himself from any matters specific to Wells Fargo, the bank embroiled in a number of investigations.

Randal Quarles, the Fed’s new vice chairman for supervision, said the potential conflict came from his extended family’s sale of an interest to the bank. Quarles divested his own stake in Wells WFC, +1.10%  before becoming vice chairman, the Fed said.

Quarles will still be involved in regulating Wells Fargo, since he’ll still oversee the Fed’s supervision and regulatory responsibilities.

Wells Fargo has felt the heat from regulators since it was found the bank opened millions of customer accounts without permission. It’s also facing investigations over auto insurance and mortgage fees.

RECENT NEWS

Gyrostat Capital Management: The Hidden Architecture Of Consequences

When Structures Themselves Become A Risk In portfolio construction, risk is rarely where we look for it.... Read more

Gyrostat November Outlook: The Rising Cost Of Doing Nothing

Through the second half of 2025, markets have delivered a curious mix of surface tranquillity and instabi... Read more

Gyrostat Capital Management: Blending Managers - From Style Diversification To Scenario Diversification

The Limits of Traditional Diversification For decades, portfolio construction has ... Read more

Gyrostat October Outlook: Beneath The Calm, The Cost Of Protection Rises

 Even as global equity indices remain near record highs, the pricing of risk is shifting quietly ben... Read more

Gyrostat Capital Management: Solving The Nastiest Problem In Finance

Retirement Income and Sequencing Risk Executive Summary ... Read more