Sloan, the second Wells Fargo CEO ousted by the scandal, could not stop the tide of troubles for the nation’s fourth-largest bank by total assets.on March 10. Democrats and Republicans angrily rejected his message of contrition for the bank’s scandals and commitment to treating employees and customers right.
In a rare move, even one of the bank’s regulators, the Office of the Comptroller of the Currency, joined in the criticism, with a spokesman saying it was “disappointed with [Wells Fargo’s] performance under our consent orders and its inability to execute effective corporate governance and a successful risk management program.”
The news, in the wake of continued revelations about the bank’s bad behavior, led to more outrage. Waters called forThe twin developments appeared to seal Sloan’s fate.The first signs of big trouble at Wells Fargo came in late 2013, when a Times investigation found that the bank’s relentless pressure on employees to “cross-sell” checking and savings accounts, credit cards, mortgages and other financial products led to ethical breaches, customer complaints and labor lawsuits.
“They’d just tell the customers: ‘You’re getting a credit card,’” Erick Estrada, a former Wells Fargo personal banker and business specialist at a Canoga Park branch, told The Times. He admitted to opening unneeded accounts, though he said never without a customer’s knowledge.
That’s not going to get me back to Wells Fargo. They lost me as a customer forever.
Worst bank ever!! WellsFargo
AOC had Tim so shook he had to retire.
and let me guess, not going to jail?
hmmmmmmm…..this isn't usually how big 5 leadership changes take place.
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