UPDATE: Wells Fargo CEO Tim Sloan to step down immediately [View all]

[BumRushDaShow]

Source: Washington Post



Wells Fargo announced Thursday that its CEO Tim Sloan will step down immediately as the bank struggles to address years of scandals related to its alleged abuse of customers.

Sloan will be temporarily replaced by C. Allen Parker, who has served as Wells Fargo’s general counsel.

Wells Fargo is still weathering a sustained backlash from its admission two years ago that it had opened millions of sham accounts that customers didn’t want and more recent revelations that it had mistakenly foreclosed on hundreds of customers and improperly repossessed thousands of cars.

Sloan, a 31-year veteran of the company, has spent years apologizing for the bank’s bad behavior and attempting to rebuild its reputation with customers, regulators and lawmakers. He told the House Financial Services Committee recently that the bank had revamped its board, significantly increased its charitable giving and no longer emphasizes sales goals that were blamed for many of the company’s problem. But did little to quiet criticism of the bank.

Read more: https://www.washingtonpost.com/business/2019/03/28/wells-fargo-ceo-tim-sloan-step-down-immediately/?utm_term=.ea4c8c679e9b

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Original story and headline -

Wells Fargo CEO to step down immediately amid concerns about bank's treatment of customers

By Washington Post Staff
March 28 at 4:27 PM

Chief executive Tim Sloan has faced tough questions from Congress over allegations the company mistreated customers. He will be replaced temporarily by Allen Parker, the company’s top lawyer.

Wells Fargo is weathering a sustained backlash from its admission two years ago that it had opened millions of sham accounts that customers didn’t want and more recent revelations that it had mistakenly foreclosed on hundreds of customers and improperly repossessed thousands of cars.

This is a developing story. It will be updated.

https://www.washingtonpost.com/news/business/wp/2019/03/28/wells-fargo-ceo-to-step-down-immediately-amid-concerns-about-banks-treatment-of-customers/?utm_term=.10fcf187d1a0