ATLANTA– Wells Fargo announced on Thursday the sudden retirement of CEO Tim Sloan as the bank struggles to overcome a litany of scandals.
Sloan, a three-decade veteran of Wells Fargo, is stepping down immediately and will retire at the end of June. The board will begin an external search for his successor, the company said. Wells Fargo said Sloan informed the board of his decision to leave.
The retirement comes as Wells Fargo has faced repeated calls from politicians, including Senator Elizabeth Warren, to find new leadership to fix its broken culture.