BIG BANKING

Wells Fargo CEO Tim Sloan Steps Down Suddenly

Wells Fargo pledged to find an outsider to replace Sloan.

Tim Sloan is stepping down as CEO of Wells Fargo. The banking giant has struggled to overcome a litany of problems in recent years, including a fake account scandal that required the bank to pay $575 million in a settlement. Sloan said his decision to step down was in an effort to help the bank move forward. Wells Fargo’s board pledged to find an outsider to replace Sloan. “I have decided it is best for the company that I step aside,” Sloan said in a statement. His departure comes as Wells Fargo has faced repeated calls from politicians, including Sen. Elizabeth Warren (D-MA), to find new leadership. “Although we have many talented executives within the company,” Wells Fargo Chairwoman Elizabeth Duke said, “the board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo.”

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Wells Fargo Pays Out $575 Million in Fake-Account Scandal

Victoria Albert