- Wells Fargo & Co said on Thursday Tim Sloan will resign immediately as its chief executive, becoming the second CEO to leave the bank in the fallout of a wide-ranging sales practices scandal.
“The board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo,” Board Chair Betsy Duke said in a statement.Sloan, a 31-year veteran at the bank, took the helm of the company in October 2016 after John Stumpf resigned following revelations that the bank opened potentially millions of unauthorized consumer accounts. Prior to serving as CEO, Sloan served as chief operating officer and head of the wholesale bank.
In a statement earlier this month, Fed Chair Jerome Powell said the bank still has a lot of work to do to prove it has changed. “What happened at Wells Fargo really was a remarkably widespread series of breakdowns really in their risk management apparatus,” he said. Unlike in 2016, the board opted to change the narrative by going outside the company for a new CEO. “The best thing he could do for the company was to retire. In the long run, it is the right move,” RBC Capital Markets analyst Gerard Cassidy said.
My fixed rate went from $645 to $777 unexplained escrow and extra insurance they have me paying. I thank them for the finance and hate them for the crooked activities
Great. Wells Fargo should have been put out of business with all their illegal activities.
about time
Looks like you've been on a Bender
Into hell?!
Well....................Bye.
In disgrace?
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