The CEO of Wells Fargo and Co Tim Sloan has said that he is the right person running the company. He came up with his stance in an interview with CNBC on last Friday in response to Senator Elizabeth Warren’s opinion as she repeatedly called for Sloan’s ouster from the company for a 2016 sales scandal.
Warren can have her opinion but if it came to me that I was not doing my job right then I will not be working in my present role, Sloan told Jim Cramer on “Mad Money”.
For more than two years, Wells Fargo has been dealing with a series of scandals. It started with a 2016 scandal when it was reported that employees of the bank had opened more than 3.5 million fake accounts in the names of customers without having their consent.
Afterwards such issues also emerged in other departments of the bank including wealth-management, consumer lending and wholesales, including enrollment of customers to relatively costly or not needed or wanted products like auto insurances, and the number of such those customers also surpasses hundreds of thousands.
Warren is a progressive Senator from the Democratic Party and as announced in December, an exploratory committee had been formed by her to run for the Presidential election in 2020. In the past Sloan’s removal from the Wells Fargo was asked by her but she could not force the U.S. central bank to take any step against the Sloan, but in October she wrote a letter to the Fed Chairman Jerome Powell urging him not to lift the growth restriction penalty until the board did not replace Sloan with such a person who was not remained deeply related to those misconducts of the bank.
On Monday, Warren once again, in response to Sloan’s interview, has called for his ouster saying “His hands are too dirty from overseeing years of scams and scandals.”
“It’s clear that Tim Sloan isn’t the right person to try to clean up Wells Fargo,” senator says in Monday morning Twitter thread.