Wells Fargo CEO to step down immediately amid concerns about bank's treatment of customers
Wells Fargo's CEO Tim Sloan greets members of congress before testifying in a House Financial Services Committee hearing titled:"Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019.
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.
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