Wells Fargo (WFC) Cancels Trip to Las Vegas

After receiving a lot of heat, Wells Fargo & Co. (NYSE: WFC) has canceled plans to host a Las Vegas employee conference at the Wynn and Encore Hotels (Nasdaq: WYNN), according to the Wall Street Journal.

Wells Fargo received $25 billion last year from the U.S. Treasury and in this environment, lawmakers frown upon companies who spend money on expensive trips or jets, as in Citi's (NYSE: C) case.

Wells Fargo had been planning to host its top mortgage brokers this month at Wynn's two high-priced hotel and casinos.

Wells Fargo said it decided to cancel the four-day event "in light of the current environment."

Initially, a Wells Fargo spokesperson said the bank wasn't going to back away from holding the conference. However, just hours later, as networks and bloggers ridiculed it, Wells Fargo began backpedaling on hosting the conference and now it is called off.

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Wells Fargo & Company is a financial holding company and a bank holding company.

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