The chairwoman of the House Financial Services Committee said Tim Sloan's resignation as CEO was "long overdue," but that other executives and directors should be removed as well.
Tim Sloan couldn't hang on any longer. Here are insights about why he left now, what role policymakers played in the decision and will continue to have in the company's future, and who in the world would want to lead Wells Fargo.
Speaking at a press conference, Federal Reserve Chairman Jerome Powell said the bank’s risk management failures have required a dramatic overhaul of its processes.
The state's financial regulator says Fast Money Loan charged consumers interest rates and fees above the state's usury cap, and operated unlicensed storefronts.
Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells.
House Financial Services Committee Chairwoman Maxine Waters said the CEO's 2018 bonus was "outrageous and wholly inappropriate" and called for his removal.
With heightened scrutiny from regulators and the public for wrongdoing, financial institutions need to put more focus on preventing mistakes in the first place.
In a tense back and forth with lawmakers, the embattled CEO pushed back on claims that the bank still pressures employees to hit sales targets and retaliates against those who speak up.
