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Wells Fargo CEO Tim Sloan Steps Down

Old_JoeOld_Joe
edited March 2019 in Fund Discussions
The Wall Street Journal is currently reporting that " Wells Fargo Chief Executive Tim Sloan stepped down on Thursday, ending a 31-year career at the bank and an arduous two-and-a-half-year effort to get it back on solid footing after a fake-account scandal erupted in 2016."

"C. Allen Parker, Wells Fargo’s general counsel, will be interim CEO. He joined Wells Fargo in 2017 from law firm Cravath, Swaine & Moore LLP to help clean up the bank following the sales scandal."

"Officials at the Office of the Comptroller of the Currency, one of the bank’s primary regulators, had grown so frustrated with Wells Fargo’s mounting problems that they were debating the rare step of forcing changes to Wells Fargo’s senior management or board, The Wall Street Journal previously reported."


(Short selected excerpts from a longer and substantial Wall Street Journal report.)

Comments

  • LewisBraham
    edited March 2019
    It's about time:

    https://washingtonpost.com/business/2019/03/28/wells-fargo-ceo-tim-sloan-step-down-immediately/?noredirect=on&utm_term=.b3b4845a290b

    Crazy he gets paid this after what happened:
    Making matters worse was the bank’s disclosure earlier this month in a regulatory filing that Sloan received $18.4 million in compensation in 2018, about a 5 percent bump from the previous year..

    “About damn time. Tim Sloan should have been fired a long time ago,” Warren tweeted Thursday. “By the way, getting fired shouldn’t be the end of the story for Tim Sloan. He shouldn’t get a golden parachute. He should be investigated . . . And if he’s guilty of any crimes, he should be put in jail like anyone else.”

    Sloan has earned more than $150 million in compensation since 2011, according to Equilar, a data firm that measures executive compensation. His retirement package will include outstanding stock worth more than $24 million, the firm said.
  • Old_JoeOld_Joe
    For sure!
  • TedTed
    .
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