As president, Trump has been one of the few people who has spoken up for financial institutions like Wells Fargo and Bank of America.
His administration is now taking steps to weaken their independence and could make it more difficult for them to survive as they try to survive on their own.
Trump has said he wants to use his power to protect the banks and their shareholders.
A new report from Axios has just added some more detail.
The paper details how the Trump administration has signaled a willingness to change rules, including the way that Wells Fargo pays its employees.
The White House declined to comment for this story.
Here’s what we know: Wells Fargo has said that the Trump government has asked the bank to consider a restructuring plan that could cut the amount of compensation that Wells is paid for its employees by $5 billion.
A Wells Fargo spokesperson said in a statement: “We look forward to discussing this proposal with the Administration and will work with Congress to ensure that the company is compensated fairly.”
A spokesperson for Bank of the United States said in an emailed statement that the bank is reviewing the proposal and is evaluating the effect it will have on the bank’s operations.
A spokesperson at Bank of Canada said in response to a question on whether the bank would reconsider its compensation policies, “We do not comment on executive branch matters.”
Wells Fargo’s pay for its U.S. employees is based on a formula that uses what the bank calls “performance metrics.”
The formula was introduced by Congress and was put in place in 2009 to give U.K. banks more leeway in negotiating wage agreements.
Under that formula, bonuses are based on what percentage of employees the bank says it has in its portfolio.
The U.B.C. also gives the Bank of England more leeways when it comes to negotiating wage packages.
Banks are supposed to disclose the performance metrics they use to calculate their compensation packages.
In response to the U.N. report, Wells Fargo said it is “reviewing its compensation practices in the U., the UBS, and the United Kingdom, as well as its own compensation practices, to better align them with U.U.S., U.R.
S and BofA’s policies.”
The UBS said it will “continue to monitor the implications of the report and will respond accordingly.”
Wells says it pays $2.4 million to U.F.C., and that it pays about $1 million a year to the Bofa Group, which manages the UBC.
In a statement, Wells said, “The compensation levels and compensation policies of our U.I. members and employees are based upon our performance metrics and performance-based compensation plans.”
A Bofas spokesperson said, in a written statement, that “while we are aware of the UBR report and are considering its implications, we believe that the report is an inaccurate portrayal of our compensation processes.”
The Bofam Group said that it will review its compensation policy.
A spokesman for the Bank at the UAW said, In a written response, the Bank “does not comment regarding executive branch issues.”
The White Bank, which oversees the UB and the UFC, said that its compensation is based “on the best-available performance metrics that are set out in the BIF’s Compensation Agreement and on the company’s investment and risk management strategy.”
A Wells spokesperson said that “the bank’s compensation processes are fully transparent and aligned with our policies.”
A spokesman at the Bank National Association of Banks said that while it does not comment publicly on executive pay, it “does look forward, in conjunction with our stakeholders, to further engaging on this topic.”
The Financial Services Roundtable, an advocacy group, called on the Trump Administration to “immediately take immediate action to address these concerns.”
“As the president of the Bankers’ Association, it is my duty to ensure the integrity and independence of the financial services industry,” the group’s president, Thomas Hoenig, wrote in a letter to the White House.
“It is my job to ensure banks’ financial systems are safe and sound and our members are paid fairly, transparently and fairly on the merits of their work.”
Wells, the bank that manages the global financial system, is a subsidiary of the Banca Monte dei Paschi di Siena, which is the Italian banking system.
The two institutions share common ownership, which has allowed them to set compensation packages that are often in line with the best practices in other financial institutions.
In the wake of the Trump election, some U.W. lawmakers have called for the UWS to “step up” in its efforts to fight against anti-competitive practices and for the banking system to change its compensation plans to include more levity and less risk.
Wells Fargo, which also runs the UMB, said it does “not discuss compensation policies with the president’s administration or any other branch.”