Wells Fargo CEO Sloan steps down after rocky tenure

National
cs028946_20190312125421078.jpg_1553805989049

WASHINGTON, DC – MARCH 12: Wells Fargo and Company CEO Timothy Sloan testifies before the House Financial Services Committee in the Rayburn House Office Building on Capitol Hill March 12, 2019 in Washington, DC. Sloan answered questions from committee members about his leadership of the 166-year-old bank following the disclosure that staff had created millions […]

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.

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video

Now Trending on KRQE.com

Albuquerque Hourly Forecast

Don't Miss

MORE IN DON'T MISS

Photo Galleries

MORE PHOTO GALLERIES

News Resources

MORE NEWS RESOURCES