Tim Russi played a key role in the company’s transition away from its once-close relationship on General Motors. He will be succeeded by Doug Timmerman, a 32-year Ally veteran.
Wells Fargo CEO Tim Sloan took heat from Senate Democrats, who questioned his fitness for the job, the bank's use of mandatory arbitration clauses and even whether its charter should be revoked.
Wells Fargo's regulators are looking into another issue involving insurance linked to auto loans as scrutiny of a key lending unit widens, according to people with knowledge of the matter.
Wells Fargo's admission that it charged customers for auto policies they didn't request has prompted an investigation by a California's insurance regulator.
Wells Fargo customers suing the bank for forcing them to pay for unnecessary auto insurance that drove some of them into default on their car loans asked a court to order the bank to immediately take steps to repair their credit reports.
