Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

Wells Fargo CEO Tim Sloan will likely face a grilling today when he testifies before the House Financial Services Committee, led by Rep. Maxine Waters, but if history is any guide the hearing will make little difference to Wall Street.

What it means: It's the company's fourth appearance on the Hill since the bank's cross-selling scandal came to light in 2016. Previous hearings haven’t moved its share price to the downside.

For example, when now-ousted CEO John Stumpf testified before the Senate Banking Committee in 2016, shares finished the day higher by 1.2%. When Sloan faced the same group of lawmakers a year later, shares closed up then too.

  • "The only thing [Wall street] wants to hear is silence. What they want to see is Wells Fargo going back to delivering the goods and no more headlines," Christopher Whalen, veteran banking analyst and founder of the Institutional Risk Analyst, tells Axios.

Wells Fargo has missed out on the broader bank industry's stock rally, thanks to a snowball of bad news and lost confidence in the company over the past few years, though Wells has outlined plans to clean up its act and improve company culture.

The big picture: But Wells' biggest obstacle has been the revelation in January that it will have to operate under the Fed's mandated asset growth cap for the rest of this year, longer than initially estimated.

  • That's a key issue Wall Street is watching and it's sure to come up in the hearing, but no new news is expected on that front.

Of note: Almost all of Wells Fargo's businesses are under investigation by a government agency, as the Wall Street Journal points out.

The bottom line: The appearance before Congress will likely be contentious, and that will probably be the case when Sloan testifies again next month alongside the other big bank CEOs.

  • Bonus: Wells Fargo isn't apologizing this time in its opening statement. Unlike in previous testimonies by Sloan and his predecessor, the words "sorry," "apologize" and "regret" are notably missing from today's planned remarks to Congress.

Go deeper: Maxine Waters targets global banks with Financial Services shakeup

Go deeper

Pompeo, wife misused State Dept. resources, federal watchdog finds

Former Secretary of State Mike Pompeo. Photo: Joe Raedle/Getty Images

The State Department's independent watchdog found that former Secretary of State Mike Pompeo violated federal ethics rules when he and his wife asked department employees to perform personal tasks on more than 100 occasions, including picking up their dog and making private dinner reservations.

Why it matters: The report comes as Pompeo pours money into a new political group amid speculation about a possible 2024 presidential run.

Dead malls get new life

Illustration: Aïda Amer/Axios

Malls are becoming ghosts of retail past. But the left-behind real estate is being reimagined for a post-pandemic world.

Why it matters: As many as 17% of malls in the U.S. "may no longer be viable as shopping centers and need to be redeveloped into other uses," per Barclays.