Another Wells Fargo CEO steps down; 'about damn time,' Sen. Elizabeth Warren tweets
Tim Sloan, then the president and chief executive of Wells Fargo and Co., during testifimony before the House Financial Services Committee in Washington on March 12.Get breaking news alerts and special reports. The news and stories that matter, delivered weekday mornings.For the second time in 2½ years, a chief executive of Wells Fargo & Co. resigned abruptly on Thursday as the scandal-ridden bank took another stab at putting its problems behind it.
Tim Sloan became CEO in October 2016, succeeding John Stumpf after the company was hit with the first of what would become billions of dollars in penalties for having opened millions of bank accounts without customers' authorization., to $18.4 million a year.
"About damn time," Sen. Elizabeth Warren of Massachusetts, a Democratic presidential candidate who has long slammed Wells Fargo,"Tim Sloan should have been fired a long time ago," said Warren, a career consumer activist and former special adviser to the federal Consumer Financial Protection Bureau."He enabled Wells Fargo's massive fake accounts scam, got rich off it, & then helped cover it up.
Duke said in a statement that Allen Parker, Wells Fargo's senior executive vice president and general counsel, would replace Sloan, but she made it clear that he wasn't a long-term solution, saying that"seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."
Before he joined Wells Fargo in 2017, Parker, 64, was the presiding partner of Cravath, Swaine & Moore, one of the country's most prominent law firms. His interim appointment comes at a time when Wells Fargo has revealed that it has paid billions of dollars in fines and other penalties and that it is operating under 14 separate consent decrees with regulators.
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