Tim Sloan Resigns as CEO of Wells Fargo

Written by on March 31, 2019

By: Matt McGuire

On Thursday, Wells Fargo CEO Tim Sloan announced that he is officially resigning from his position after 31 years with the company. The company has struggled immensely with Sloan at the helm with multiple accusations of scandals plaguing its reputation over the recent years.

“I decided it is best for the company that I step aside,” Sloan said, showing that the company is officially trying to rebuild itself from the top down. This news also comes to the delight of many on Wall Street, as already since Wells Fargo officially made the announcement there has been almost a 3% increase on their shares.

For now, the bank’s general counsel Allen Parker will be stepping in as interim CEO as the company prepares a plan on the road to recovery. Wells Fargo plans to hire externally with the hopes that someone can bring new energy into the brand, hopefully repairing fallen relationships along the way.

Many are sharing their opinions on the situation, and as expected, this announcement came as a surprise to many. Senator Elizabeth Warren, a candidate in the 2020 election stated in a tweet, “About damn time… He shouldn’t get a golden parachute. He should be investigated by the SEC and the DOJ for his role in all the Wells Fargo scams. And if he’s guilty of any crimes, he should be put in jail like anyone else.”