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Wells Fargo CEO on how bank is helping customers affected by government shutdown

Key Points
  • Wells Fargo CEO Tim Sloan speaks to how his bank is aiding its customers that have been affected by the ongoing government shutdown in an interview with CNBC's Jim Cramer.
  • The bank has heard from 14,400 customers that have loans out with Wells Fargo and are feeling the shutdown's effects, Sloan says.
  • For now, Wells Fargo is waiving overdraft fees and extending payment deadlines, the CEO tells Cramer.
VIDEO0:3600:36
Wells Fargo CEO on how bank is helping customers affected by government shutdown

Wells Fargo is working with customers that have been affected by the partial government shutdown, the bank's President and CEO Tim Sloan told CNBC on Friday in a "Mad Money" interview.

Roughly 800,000 federal employees have been furloughed — temporarily laid off — or asked to work without pay as a result of the shutdown, which stems from disagreements about border security between President Donald Trump and Democratic congressional leaders.

For many government workers, Friday marked their second missed paycheck as the longest-ever government shutdown continued into its 35th day.

Earlier in the shutdown, Wells Fargo and several other banks began offering relief for customers that had been affected by the Washington, D.C., standoff, an effort that is in full force at Wells Fargo, Sloan told CNBC's Jim Cramer.

"If, as of November of last year, you had a direct deposit, which was the most recent information we had, we automatically started to waive overdraft fees," he said. "We then reached out to customers to say, 'Look, if you're affected and you've got a loan from Wells Fargo, give us a call.'"

Now, Wells Fargo is in discussions with some 14,400 of its customers about the best ways to provide relief. So far, the two main prerogatives are waiving overdraft fees and extending payment deadlines, Sloan said Friday.

"What we're going to do is we're going to waive fees ... [and] we're going to extend payments, whether it's a credit card, mortgage, you name it," he told Cramer. "That's what they're asking us for right now and that's what we're doing."

Later Friday, Trump announced an agreement to reopen the government for three weeks while he continued to pursue a deal with Congress to fund his proposed border wall. It would fund government operations through Feb. 15.

Watch Tim Sloan's full interview here:

VIDEO12:5912:59
Wells Fargo CEO Tim Sloan on government shutdown, calls for his firing and returning to growth

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