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Home / Business / Wells Fargo CEO Timothy Sloan ends up waking up several scandals: NPR

Wells Fargo CEO Timothy Sloan ends up waking up several scandals: NPR



Wells Fargo CEO Timothy Sloan is questioned by the House Financial Services Committee earlier this month. He will go down immediately, the company announced Thursday.

J. Scott Applewhite / AP


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J. Scott Applewhite / AP

Wells Fargo CEO Timothy Sloan is questioned by the House Financial Services Committee earlier this month. He will go down immediately, the company announced Thursday.

J. Scott Applewhite / AP

Wells Fargo CEO Tim Sloan will go down immediately, the company announced Thursday.

"It has become clear to me that our ability to successfully move Wells Fargo forward here will benefit from a new CEO and fresh prospects," Sloan said as part of the announcement.

He is the second Wells Fargo CEO to resign for about 2 1/2 half years, when the big bank has been hit by scandals. The most prominent bankers create deposits and credit card accounts for millions of customers without their knowledge.

Wells Fargo was required to pay $ 185 million in penalties and fines in 2016 to create unwanted accounts from the Consumer Financial Protection Bureau.

Earlier this month, Sloan testified before Congress and assured the House Financial Services Committee that "Wells Fargo is a better bank than it was three years ago, and we work every day to get even better."

But legislators from both political parties were skeptical.

And a few days later, in a submission to a government regulator, the company revealed that Sloan would receive a $ 2 million bonus in 2018.

It asked for California Democrat Maxine Waters, who runs the House Financial Services Committee, asks that he "be shown the door."

The problems have been mounted for Wells Fargo over the years.

In a non-related case, the consumer agency also introduced a $ 1 billion fine against Wells Fargo for overcharging customers for mortgages and auto loans. The fine was part of a major settlement of fees the bank arose and sold mortgages that included false information in the years leading up to the financial crisis.

Sloan took over as CEO when John Stumpf resigned in October 2016, in the wake of rebellion over the accounting scandal.

Sloan said during the hearing that as many as 3.5 million unauthorized accounts had been opened, according to an audit.


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