Wells Fargo’s New Boss, Tim Sloan, Is Same as the Old Boss to Congress

“For his part, Mr. Sloan did not signal in his first hours as chief executive that he intended to make any bold shifts. He praised the tenure of Mr. Stumpf and said he planned to pursue largely the same strategy in restoring the bank’s reputation that his predecessor had begun.”

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Wells Fargo’s New Boss, Tim Sloan, Is Same as the Old Boss to Congress

If Wells Fargo’s board had hoped John G. Stumpf’s resignation on Wednesday and the appointment of Timothy J. Sloan as the new top executive would instantly quell the bank’s numerous critics, they were mistaken.

Within hours of the announcement, a member of Congress and other critics were already dismissing Mr. Sloan as the wrong man to make the big changes the bank needs to move past its current predicament over the creation of as many as two million phony accounts.

While the Wells Fargo board emphasized that Mr. Sloan was “ready to lead the company into the future,” the bank’s critics focused on the role that Mr. Sloan — who has spent the last 29 years at Wells Fargo — played in the bank’s troubling past.

“I remain concerned that incoming C.E.O. Tim Sloan is also culpable in the recent scandal, serving in a central role in the chain of command that ought to have stopped this misconduct from happening,” Representative Maxine Waters, a California Democrat, said in a statement.

Rest here…

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Comments
2 Responses to “Wells Fargo’s New Boss, Tim Sloan, Is Same as the Old Boss to Congress”
  1. P.L. Everts says:

    Jail em and then hang em.

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