UPDATE: Wells Fargo CEO Tim Sloan to step down immediately

[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

[Joe Nation]

1. I'm sure a new CEO will change everything ***sarcasm****

[Aristus]

2. My one year working for Wells Fargo was the worst job I ever had.

The sales goals were crippling, and the pressure to meet or exceed them was overwhelming. I went home every night with a headache, and dreaded going to work every morning. Worst year of my life, hands down.

I had my wife and her family to support while she was in school. I prayed every day for her to graduate so she could start making good money and take the pressure off me. She graduated and got a good job, but we decided I should stick it out for a few more months until she got her feet under her.

As it turned out, I got fired not long after for failure to meet sales goals. In my division, I was ranked seventh in the entire state for sales volume. But that wasn't good enough for Wells Fargo, so they fired me. I had never been so happy to be fired in my life.

I got in my car after the exit meeting with the district manager, put on my happy music, and smiled happily all the way home.

[Wellstone ruled]

4. You and thousands of others

are now in a better place. My guess is,Wells will be bought out or Merged in the coming months. Their Management is so tainted that they can not survive.

[seltzerwater]

20. I worked 2 weeks as a Business Intelligence Developer.

But luckily i had a better offer from another company i interviewed for. But while i was working for WF, it seemed really like disorganized Chaos. Like no division knows what the other divisions do.

[FakeNoose]

3. There he goes

[mitch96]

5. I've been with them a few years and never had a problem..

AND I watch my statements like a hawk. When I move I'm going to switch...
m

[cstanleytech]

6. Reshuffling the deck chairs wont stop a ship from sinking that has hit

a massive iceberg and has a 40 foot wide gash in its side so why does Wells Fargo think it will work here?

[JudyM]

7. Thought it was The Onion when I first clicked and saw the pic.

Stepping down immediately.

[BumRushDaShow]

8. What is even more Onion-worthy is this from the OP article

Sloan’s position was made more tenuous recently. A day after facing harsh questions from lawmakers on Capitol Hill, Wells Fargo announced that it was increasing Sloan’s total compensation to $18.4 million. Of that, $2 million is an “annual incentive award” — in other words, a bonus.

[JudyM]

9. Crazy. Exhibit#xxxx re Board culpability, and re why we need to consider regulating executive pay.

[allgood33]

10. Will the be Trump's new Sec. Treasury?

[BumRushDaShow]

11. I bet he'll be on the short list

the minute someone finally nails Mnuchin!

[zentrum]

12. Will Slither back into the Swamp.

...Only to re-emerge in some new skin to buy some pol in the future.

[Hassler]

13. In a world full of credit unions, why anyone would deal with these grifters is a mystery.

[NBachers]

14. Why aren't a thousand people in prison over this?

[JDC]

15. No doubt will move straight to a Cabinet post

[Maxheader]

16. Parker, who has served as Wells Fargo's general counsel.

Served as general counsel while w.f. was deceiving investors?

Looks to me like he would be one of the first to notice any irregularities?

[Firestorm49]

17. Is he doing the "walk away" with a multi billion dollar parachute?

The victims? Oh well.

[Yo_Mama_Been_Loggin]

18. Adios Mutha

[DAMANgoldberg]

19. Karma

Remember, these are the people who decided that "Walk Over Me" -->Wachovia wasn't stable enough to continue to exist. I at least had respect for Wachovia as an institution, and they did as right as one can in banking. Plus TPTB here is still upset with them moving it out of the city.

Possibly the new bank headquartered here that will come out of the combination of SunTrust and BB&T will buy them out. Goose and Gander.