Why sloan resigns

The bank also said in a statement that it will be looking at external candidates for its next CEO. Federal Reserve Chairman Jerome Powell told reporters earlier this month that he did not believe Wells Fargo had made enough progress to warrant less scrutiny.

Among politicians, Sloan was a favorite target of Senator Elizabeth Warren, who crusaded against Wall Street and the big banks as a Senator from Massachusetts and continues to do so in her campaign for the presidency in Due to the harsh political climate facing Wells Fargo, and considering it could get worse as the election approaches, it was maybe the right time for Sloan to step down, analysts said. In a Thursday conference call, Sloan, 58, said he decided to leave because the focus on him had become a distraction inhibiting the bank from moving forward.

On the call, analysts tried unsuccessfully to get a direct answer to whether regulators had given Sloan the final push, or even whether the bank had been surprised by the most recent criticism from the Comptroller of the Currency.

Board Chair Betsy Duke declined to say what qualifications directors want in the next CEO, including whether they will insist on having an executive with banking industry experience. That is the person we want. She added the bank has not yet spoken with anyone regarding the CEO position, and the search committee will meet for the first time on Friday.

As recently as a week ago, the board had reiterated its unanimous support for Sloan. Nov 08, By Logan Mohtashami. Nov 11, By Georgia Kromrei. Nov 11, By Maria Volkova. Nov 10, By James Kleimann. Nov 05, By Matthew Blake.

Latest Articles. NAR board green lights consumer transparency measures Amid fierce debate, NAR will likely require that agents representing homebuyers publicize their expected sales commission. Nov 13, By Matthew Blake. Nov 12, By Georgia Kromrei. Nov 12, By Brooklee Han. Ed Mierzwinksi, a consumer advocate with the U. Public Interest Research Group, said bringing in a new chief executive from outside Wells Fargo was needed to get past the scandals.

The Federal Reserve last year also hit Wells Fargo with an unprecedented cap on its growth until it could prove it had improved its corporate governance. His struggles were highlighted at a contentious House Financial Services Committee hearing on March Waters called for Sloan to be fired , joining Sen. Elizabeth Warren D-Mass. About damn time. Tim Sloan should have been fired a long time ago. Now—let's make sure all the people hurt by Wells Fargo's scams get the relief they're owed.

He said the board will probably wait to make a decision on a new chief executive until it receives more details from the Fed and OCC about their review of bank practices, which should provide guidance about how far along Wells Fargo is in changing its culture.

To meet sales quotas, employees opened accounts customers did not need, ordered credit cards without their permission and forged customer signatures on paperwork, according to a review of internal bank documents, court records and interviews with workers at bank branches.

Mike Feuer, who launched his own investigation.