Where would some top mortgage officers head to relax in Las Vegas? Where else but the Wynn and Steve Wynn's new even more luxurious hotel Encore? Unfortunately for those Wells Fargo & Co. bankers that trip isn't going to happen. The bank quickly canceled plans to host a Las Vegas employee conference once the government in Washington found out and started asking questions. Wells Fargo received $25 billion last year from the U.S. Treasury and once the Associated Press revealed the plans for the event the flood of criticism was swift and brutal. The bank quickly changed its mind. This follows the recent move by Citibank not to take possession of their new private plane and a move by Bank of America that canceled all employee-incentive trips.
Las Vegas is a popular destination for conferences of this nature and the cancellation of this trip and other less high-profile gatherings has Las Vegas Strip hotels singing the blues. Wynn Resorts Inc the owner of the two resorts that the Wells Fargo employees were to stay at recently announced it would cut the wages of its salaried workers in Las Vegas and reduce work weeks for its full-time hourly employees to avoid cutting jobs.