After over two years trying to fix Wells Fargo's image, CEO Tim Sloan is stepping down. 'About damn time,' Elizabeth Warren tweeted.
Wells Fargo announced Thursday that its beleaguered chief executive, Tim Sloan, will step down from his position effective immediately, ending his two-and-a-half-year effort to rebuild the image of the scandal-scarred bank.
Sloan, a 31-year veteran of Wells Fargo, took over as chief executive in the wake of the accounts scandal. He replaced John Stumpf, who was skewered by Warren and other lawmakers from both parties during congressional hearings on the scandal.By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time.
Since September 2016, the bank has faced well over $1 billion in fines for a range of problems that have trickled out into view, from charging hundreds of thousands of people for auto insurance they didn’t need to overcharging members of the military to refinance their mortgages.
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