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Wells Fargo CEO Survives to 2019 as Scandals Burn Through Bank’s Ranks

  • Tim Sloan’s year featured a cap on growth and calls for ouster
  • The months ahead mean ‘more distraction, more personal pain’
Tim Sloan

Tim Sloan

Photographer: David Paul Morris/Bloomberg

Tim Sloan’s biggest achievement of 2018 might be surviving the year as chief executive officer of Wells Fargo & Co. And there’s no sign that 2019 will be easier.

Sloan is finishing a year in which the Federal Reserve told the bank to stop growing, scandals emerged in more divisions, and the stock tumbled 25 percent -- harder than at its biggest rivals, JPMorgan Chase & Co. and Bank of America Corp. Politicians including Senator Elizabeth Warren repeatedly demanded Sloan be ousted. At one point, the bank’s chair, Betsy Duke, denied rumors the board was working on it.