Bank of America and Wells Fargo Less Thrilled about Potential of Blockchain in Financial Services

Speaking at a conference on Wednesday, Wells Fargo CEO Tim Sloan stated, “Personally I think blockchain has been way oversold…By now, that should have completely changed the industry. And that’s just not the way it is.” Cathy Bessant, Bank of America’s Chief Operations and Technology Officer offered a similar sentiment believing that the hype associated with blockchain outstrips reality; both banks are participants in the blockchain consortium R3 and have both been exploring projects of their own. Source

Sign up for our Newsletters

Every morning the Fintech Nexus News team scours the globe for the most important fintech stories of the day in the daily Global newsletter.

The Europe edition comes out on Monday, Wednesday, and Friday featuring the most important stories in European and UK fintech.

The Latin American newsletter arrives in your inbox on Tuesdays and Fridays. This is a trilingual newsletter featuring stories in Spanish, Portuguese, and English.

Join 20,000 subscribers!