The bank said it was Sloan's decision to retire, but a new report from House Democrats reveals that Fed and OCC officials made moves behind the scenes in 2018 and 2019 to pressure the bank's board to remove him.
Under CEO Charlie Scharf, the bank that has historically viewed itself as more Main Street than Wall Street is becoming deeply embedded in the nation’s financial capital and its hard-charging culture.
The ten-digit penalty marks an important milestone for the bank, but individual ex-bankers may still be at risk and grueling hearings lie ahead for current leadership.
The Charlie Scharf era began with the company's lowest quarterly net income in more than nine years. Culprits included falling revenue, rising salaries and yet more financial fallout from the bank's sales scandal.
