Wells Fargo’s interim CEO may turn permanent as other candidates back away

30 PM ET Executives Timothy Morris – CFO Maria Fardis – CEO Analysts Mark Breidenbach – Oppenheimer Boris Peaker – Cowen and Company James Birchenough – Wells Fargo Securities Madhu Kumar – B. Riley.

Wells Fargo CEO Tim Sloan gave in to critics and abruptly stepped down after the 31-year company veteran struggled to tame a range of scandals, launching the major auto lender into a hasty search.

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Sloan’s retirement: How it will work. Tim Sloan, 58, is stepping down as Wells Fargo’s CEO right away. In fact, by the time you’re reading this, he’s no longer in the role.

Shares of Wells Fargo (WFC) soared 3.08% in afterhours trading following the bank’s announcement that its CEO of almost three years, Tim Sloan, will retire. Sloan assumed the role in October 2016.

Wells Fargo CEO Tim Sloan’s message of contrition and improvement draws bipartisan rebuke

He officially retires June 30 but is stepping down as CEO immediately, leaving Wells’ general counsel, C. Allen Parker, as interim CEO until the firm decides on a permanent replacement. Here are answers to three key questions about why Sloan left now, what role policymakers had in the decision and will continue to have in the company’s future, and who in the world would want to be CEO of Wells Fargo.

Client Advisory. Critical Mention. Client Advisory

Only hours earlier, the news had broken that Wells Fargo CEO John Stumpf was resigning amid the scandal there. Warder said that before taking the job at USAA, he figured that the company’s key competitive advantage was its low expense base, which stems.

Wells Fargo & Company. Wells Fargo & Company is a financial and bank holding company. Its principal business is to act as a holding company for its subsidiaries. The Company is a diversified financial services company. It has three operating segments: Community Banking, Wholesale Banking and Wealth, and Brokerage and Retirement.

Wells Fargo’s CEO Tim Sloan stepped down from his post on Thursday, saying he’d become too much of a political target following a seemingly unending wave of scandals at the bank. In a statement.

A new head of Consumer Lending should be announced by the end of the year, and in the interim Michael DeVito (interim head of Wells Fargo Home Lending and.

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