Warren, Brown ask regulators to oust Wells Fargo CEO Sloan

Warren, Brown ask regulators to oust Wells Fargo CEO Sloan
The two senators call on the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau to remove Sloan from the bank's top job
MAR 22, 2019
By  Bloomberg

Sen. Elizabeth Warren is again taking aim at Wells Fargo & Co. CEO Tim Sloan, this time asking federal regulators to invoke their power to make management changes. The Democratic senator and presidential candidate joined Ohio Democrat Sherrod Brown to send letters to both the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau Friday urging the regulators to remove Sloan. Ms. Warren has repeatedly called for Mr. Sloan's ouster since he rose to the top job in 2016 as the bank found itself embroiled in a series of customer abuse scandals. The OCC has the power to make executive changes as part of an April 2018 consent order. "Given Wells Fargo's history of unlawful activity and its current leadership's apparent inability to successfully make things right, I strongly urge the OCC and the CFPB to take additional action," Ms. Warren and Mr. Brown said in their letter. "Regulators should require Wells Fargo to fire the bank's president and CEO Timothy Sloan and to install a third-party monitor." The San Francisco-based bank has repeatedly said that Mr. Sloan has the unanimous support of its board, most recently earlier this week. (More: Wells Fargo CEO Tim Sloan draws bipartisan criticism at tough House hearing)

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.