Wells Fargo names insider Tim Sloan as president, COO

Tim Sloan named Wells Fargo president & COO

Wells Fargo tapped a 28-year company veteran to take over as president and chief operating officer, effective immediately, the bank announced Tuesday.

Tim Sloan was previously the head of wholesale banking, which he will continue to oversee in his new role as president, the company said in a statement.

Sloan is no stranger to the C-suite at Wells Fargo, having previously served as chief financial officer and chief administrative officer. Now Sloan will serve a key role in preparing the company for the future, according to CEO John Stumpf.

"Tim is an ideal choice to lead one of the best teams in banking as they accelerate investments and drive change that position us for growth and enhance the many ways in which we help our customers succeed financially," Stumpf said in a statement, citing Sloan's involvement in the post-financial crisis period and a merger with Wachovia.

Shares of the bank were mostly flat in after-hours trading, ticking up less than 1 percent after the announcement.