Tim Sloan's decision to step down as Wells Fargo's leader was partly due to a threatening congressional bank meeting next month, said CN Crawler Jim Cramer on Friday.
The top banks of the big banks will be in Washington, DC, April 10, 19459005 for the House Committee on the Financial Services Hearing on the banks. director Maxine Waters, will probably focus on Sloan, Sa Cramer.
"Whatever he said or did, he meant that he acted as an executive at Wells Fargo under John Stumpf, now ashamed, believed that as far as Congress is concerned , he is guilty of being proven guilty, "
Stumpf was chairman and CEO of Wells Fargo when the bank was fined $ 1[ads1]90 million after being charged with opening false accounts without their customers' consent. Sloan, who earned more more than three decades at the firm in total he succeeded as CEO in October 2016.
Cramer said Sloan would have been too single a target during the hearing because he was a senior official at the bank during the scandal. was even though Sloan had no knowledge of the scheme, he added.
"A look at the composition of that committee made it clear that Sloan was going to be a box," Cramer said, adding that Senator Elizabeth Warren, a candidate for the democratic president's nominees, asks him to be imprisoned.
"Politically, just as a slam dunk bankers are not popular at first, and Sloan also had to live with the sins of his predecessor, he said.
Sloan quoted the investigation of his leadership as he went down and Called it a "distraction" for the company's progress, in January Sloan Cramer told him he would go aside if he felt his presence was hurting the turn, after Wells Fargo delivered a "very strong quarter and a good year."
Earlier this month, Sloan gave a 5 percent wage increase to $ 18.4 million and a $ 2 million prize bonus, Cramer noted.
"I'm not saying we should feel bad for the guy … He's coming to be good, "he said." But I would say that Sloan was asked to clean up Augean Stables, and from what I can tell he has done a good job on the herculean task, without tracking the revenue. " Sloan, who is the leader of the Stumpf era, did so The worst decision for both he and the bank's shareholders, Cramer said.
Finally, Sloan did not want Wells Fargo to go through the fire he was in, he said.
"Tim Sloan did the right thing and took one for the team, which I think is actually worth celebrating," he says.
The Financial Services House Committee holds its banks entitled "Holding Megabanks Accountable: A Review of Global Systemic important banks 10 years after the economic crisis "9 am ET, April 10.
Shares in Wells Fargo fell 1.57 per cent on Friday, holding up nearly 5 per cent this year.
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