Wells Fargo CEO Sloan steps down after rocky tenure
NEW YORK — Wells Fargo’s CEO Tim Sloan stepped down Thursday, after a rocky tenure during which the deeply troubled bank dealt with a seemingly unending wave of scandals.
Sloan said in a statement he will give up his roles as CEO, president and a member of the bank’s board of directors effective immediately. He will retire from the bank completely on June 30.
Sloan led the banking giant for less than 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.