Is Wells Fargo Preparing For A New CEO?
Wells Fargo is reshuffling its leadership structure as the fallout continues from the bank’s fraudulent account scandal.
The New York Times reports that many in management will now report to Timothy Sloan, the bank’s president and chief operating officer. Sloan is expected to succeed current CEO John Stumpf, who said just last month that he would not step down.
The bank says the move isn’t related to the account issue and is instead a reshuffling due to the creation of a payments division. But it’s notable that Sloan, who currently heads Wells Fargo’s wholesale banking division, has been removed from much of the fracas.
The bank has been embroiled in scandal since September when it was fined $185 million after employees opened bank accounts, credit cards and other services for customers that didn’t ask for—and were often unaware of—them. The company laid off 5,300 in connection with the issue, but most leadership has been largely untouched.