February 06, 2018

Charlotte Observer: Wells Fargo should find a new CEO, Elizabeth Warren says after latest Fed action

The Federal Reserve's latest action against Wells Fargo is a new test for CEO Tim Sloan and is once again bringing pressure from the bank's biggest critics.

In an unprecedented step, the Federal Reserve last week announced it is restricting Wells' growth following a raft of scandals at the San Francisco-based bank. Harshly worded letters from the Fed accuse Wells' board of failing to properly oversee the company, which the regulator said must improve its governance and controls.


As recently as October, Sen. Elizabeth Warren told Sloan during a congressional hearing he should be fired for the accounts scandal, since he was chief financial officer and chief operating officer for some of the scandal's years. After the Fed's action Friday, the Massachusetts Democrat doubled down on the issue, saying the case for firing Sloan is "even stronger today."

"Sloan was the CFO and COO of Wells while the bank was cheating millions of its customers, and he did nothing to stop those rampant consumer abuses despite ample warnings," Warren said in a statement to the Observer. Wells' board should find a new CEO "who wasn't up to his eyeballs in the fake-accounts scandal," she said.

Read the full article on the Charlotte Observer website here.

By:  Deon Roberts
Source: Charlotte Observer