Wells Fargo President and CEO Tim Sloan steps down after just three years at the reigns

Mail Online | 3/29/2019 | Associated Press;Luke Kenton For Dailymail.com
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Wells Fargo's CEO Tim Sloan stepped down from his post on Thursday, saying he'd become too much of a political target following a seemingly unending wave of scandals at the bank.

In a statement, Sloan said he will give up his roles as CEO and president as well as his seat on the board, effective immediately.

Wells - Fargo - June - Bank - Years

He will fully retire from Wells Fargo on June 30, having led the bank for just three years.

A longtime insider, Sloan was chosen to replace outgoing CEO John Stumpf, who resigned in October 2016 after Wells Fargo employees were found to have fraudulently opened millions of bank accounts in order to meet the company's unrealistic sales goals.

Sloan - Wells - Reputation - Accounts - Scandal

While Sloan sought to clean up Wells' reputation following the accounts scandal, new improprieties repeatedly came to light.

The bank was found to have tacked unnecessary auto insurance onto the accounts of car loan customers. Tens of thousands of customers were unable to afford the payments and, in many cases, got their cars repossessed.

Bank - Homes - Hundreds - Customers

The bank also foreclosed on the homes of hundreds of customers accidentally.

During his tenure as CEO, Sloan faced considerable criticism from Congress who scrutinized his leadership.

Weeks - Democrats - Republicans - House - Financial

Just two weeks ago, he was grilled by Democrats - and some Republicans - on the House Financial Services Committee, who questioned Wells Fargo's commitment to compensating all the victims of the various scandals at the bank over the past few years.

Sloan told investors Thursday on a conference call that the target on his back from politicians was one of the reasons he decided to step down.

Focus - Sloan - 'I - Position - Distraction

'There's too much focus on me,' Sloan said. 'I could not keep myself in that position as I was becoming a distraction. It's a hard decision step down; I can assure you of that.'

Wells Fargo's board of directors said it chose Allen...
(Excerpt) Read more at: Mail Online
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