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Wells Fargo's Insider CEO Failed to Outrun Political Fury

  • Hiring leader from within to field scandals proved too fraught
  • Faultfinding only mounted when his team found more problems
Tim Sloan

Tim Sloan

Photographer: Andrew Harrer/Bloomberg
Updated on

Maybe Tim Sloan was doomed from the start as Wells Fargo & Co.’s chief executive officer -- a situation summed up by Elizabeth Warren’s reaction to his departure: “About damn time.”

After 2 1/2 years running Wells Fargo, and more than three decades working there, Sloan said this week that his leadership had become a distraction and the best way for the bank to move forward was without him. Chair Betsy Duke said the board will look externally for a new CEO.