Wells Fargo Chief Executive Tim Sloan is stepping down, effective immediately, after less than four years on the job during which the troubled bank dealt with a seemingly unending wave of scandals.
Sloan said in a statement he will step down from his roles as CEO, president and member of the bank’s board of directors effective immediately. He will retire from the bank completely on June 30.
Sloan’s brief tenure at the banking giant was rocky. A longtime insider, Sloan was chosen to replace outgoing CEO John Stumpf, who resigned after Wells Fargo employees were found to have opened millions of bank accounts fraudulently in order to meet unrealistic sales goals.
Sloan tried to fix Wells Fargo’s broken culture, but the bank was plagued by several similar scandals afterward.