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Elizabeth Warren on Tim Sloan leaving Wells Fargo: 'About damn time'

Key Points
  • Wells Fargo announced late Thursday afternoon that Sloan had informed the board of directors that he will step down as chief executive effective immediately.
  • Warren has repeatedly called for Sloan to be ousted as CEO, accusing him of being complicit in the 2016 fake accounts scandal.
Sen. Elizabeth Warren (D-MA)
James Lawler Duggan | Reuters

Sen. Elizabeth Warren cheered Tim Sloan's resignation from scandal-plagued Wells Fargo Thursday and called for the Justice Department and SEC to investigate his alleged role in the bank's "scams."

The Massachusetts senator and 2020 Democratic presidential candidate said Sloan should go to jail if found guilty of any crimes.



Wells Fargo announced late Thursday afternoon that Sloan had informed the board of directors that he will step down as chief executive, president and board member effective immediately.

The board selected Allen Parker, previously the bank's general counsel, to serve as interim CEO.

Warren has repeatedly called for Sloan's ouster. During a Senate Banking Committee hearing in 2017, Warren told Sloan point blank that he was either incompetent or complicit in the 2016 fake account scandal and should be fired.

Regulators have cracked down on Wells Fargo since widespread issues with sales practices have been uncovered across multiple divisions. The Federal Reserve even put a cap on how much the bank can grow.

In a letter to Federal Reserve Chairman Jerome Powell last October, Warren called for the central bank to maintain that growth cap on Wells until Sloan is replaced.