Warren Says Wells Fargo Must Fire CEO Before Fed Ends Growth Cap
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U.S. Senator Elizabeth Warren renewed her call for the ousting of Wells Fargo & Co. Chief Executive Officer Tim Sloan, saying the Federal Reserve shouldn’t lift an order restricting the bank’s growth until he’s gone.
A recent report of misconduct in the bank’s wholesale division, which Sloan ran prior to taking the top job, demonstrates that he isn’t the right person to run Wells Fargo, the Democratic presidential candidate said Friday in a letter to Federal Reserve Chairman Jerome Powell. A 2015 anti-money-laundering consent order with the Office of the Comptroller of the Currency, followed by the alleged altering of documents to satisfy the order, show Sloan’s direct ties to bad behavior, Warren said.