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Wells Fargo CEO Tim Sloan steps down

Updated : March 29, 2019 06:31 AM IST

The bank's general counsel, C. Allen Parker, one of the few newcomers in the bank's top ranks, will serve as interim chief executive.
The move amounted to an admission that the board erred three years ago by appointing another insider after the previous CEO, John Stumpf, resigned following revelations that Wells Fargo had opened potentially millions of unauthorized consumer accounts.
On the call, analysts tried unsuccessfully to get a direct answer to whether regulators had given Sloan the final push, or even whether the bank had been surprised by the most recent criticism from the Comptroller of the Currency.
Wells Fargo CEO Tim Sloan steps down

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