How Wells Fargo's regulators and employees drove out its CEO

NEW YORK/WASHINGTON: The day after former Wells Fargo & Co Chief Executive Tim Sloan told U.S. lawmakers he was transforming the bank's high-pressure culture, Federal Reserve officials met privately with bank employees.

Sloan abruptly departed the bank last month, making him the second CEO to leave Wells Fargo in the wake of its sales practice scandal. Sloan, who declined to comment on this story through a representative, has previously said he stepped down because he felt the external attention on him had become a distraction.

Internal and regulatory probes have since discovered other issues in the bank's businesses, resulting in billions of dollars in fines and penalties. The bank internally published a write-up about the survey, saying Wells Fargo found itself at a"challenging and interesting" crossroads. Some employees felt that the description sugar-coated the findings, sources said.

An analysis of the survey Wells Fargo published publicly showed only 38 percent of employees felt senior management understood obstacles faced by frontline workers.

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