Wells Fargo calls off Vegas outing after image gamble
2009-02-04

Category Time Year Nations U.S. City Las Vegas States Nevada California Category Regions County Clark County Event 2008 U.S. Financial Rescue Company Wells Fargo Category 2007 Source (AFP)

WASHINGTON (AFP) - US bank Wells Fargo, which recently took 25 billion dollars in public bailout money, has called off a heavily criticised luxury outing to Las Vegas aimed at rewarding staff.

The bank said Tuesday that it already had scaled back the four-day meeting but that due to current conditions, it called the event off.

The party did not get started after a media report threw the spotlight on the event for which Wells Fargo booked 12 nights in two posh Las Vegas hotels.

Wells Fargo insisted the report was "intentionally misleading."

"The event is not a 'junket' for executives but a four-day business meeting and recognition event for hard-working team members who made homeownership achievable and sustainable for borrowers across the nation.

"In 2008 alone, the team members who were invited to this event and their colleagues produced 230 billion dollars in mortgage loans for US homeowners," the bank said in a statement.

Wells Fargo also said it did not use federal bailout funds to pay for the event.

"We do not plan to have any other recognition events this year," the California bank added.