Sen. Warren: 'About damn time. Tim Sloan should have been fired a long time ago.'
div > div.group > p:first-child"> Tim Sloan, who took over as chief executive of the bank in October 2016, is resigning as CEO immediately, the bank said Thursday in a release. The bank's general counsel, Allen Parker, will take over as interim CEO, and the bank is searching externally for a permanent successor.
Problems at the fourth biggest U.S. bank came to light in 2016 with the news that employees had created millions of fake accounts to meet sales quotas. Since then, more issues tied to sales practices have emerged across the bank's business lines, including mortgage, auto lending and wealth management operations. Last year, the Federal Reserve took the extremely rare step of capping the bank's asset growth after the bank found more problems with customer dealings.
Shares of the bank have struggled amid the fallout from the sales practices scandal and scrutiny from political leaders. Over the last five years, the stock is flat, compared to a near 70 percent jump in J.P. Morgan Chase shares and a 40 percent move higher for the whole S&P financial sector. Late last year, after announcing that he was cutting up to 10 percent of the bank's workforce, Sloan told Bloomberg that he was prepared to remain CEO until he reached the age of 65.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wells Fargo CEO Tim Sloan retiring, shares jump
Read more »
Wells Fargo CEO Timothy Sloan Will Step DownWells Fargo said CEO Timothy Sloan will step down immediately and retire from the company June 30; the bank's general counsel will be interim CEO
Read more »
Wells Fargo CEO Tim Sloan to step down immediatelyTim Sloan, a 31-year veteran of the company, has spent years apologizing for the bank’s bad behavior and attempting to rebuild its reputation with customers, regulators and lawmakers. That was not enough for the bank's critics.
Read more »
Wells Fargo CEO Tim Sloan is retiring as bank struggles to get past scandalsTim Sloan took over as Wells Fargo's chief executive in 2016 after former CEO John Stumpf resigned amid the controversy over the creation of millions of accounts without customer authorization.
Read more »
Wells Fargo CEO Tim Sloan to step downWells Fargo & Co. said late Thursday Chief Executive Officer and President Timothy J. Sloan has informed the company's board he is retiring on June 30...
Read more »
Wells Fargo CEO Tim Sloan to suddenly retireWells Fargo CEO Tim Sloan is stepping down immediately as the bank struggles to overcome a litany of scandals
Read more »
Wells Fargo CEO Sloan steps down after rocky tenureNEW YORK (AP) — Wells Fargo Chief Executive Tim Sloan is stepping down, effective immediately, after less than four years on the job during which the troubled bank dealt with a seemingly unending...
Read more »
Wells Fargo CEO Tim Sloan steps down suddenlyJUST IN: Wells Fargo has announced the sudden retirement of CEO Tim Sloan as the bank struggles to overcome a litany of scandals
Read more »
Wells Fargo CEO Tim Sloan steps downWells Fargo & Co said on Thursday Tim Sloan will resign immediately as its chief...
Read more »