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Potential 2020 Democratic candidate and U.S. Senator Elizabeth Warren (D-Massachusetts) is no fan of Wells Fargo & Co (NYSE:WFC) CEO Tim Sloan.
What Happened
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Warren said in October that Sloan is "deeply implicated in the bank's repeated and egregious misconduct" on top of calls for him to be fired.
On Friday, Sloan responded to Warren's criticism of his leadership during an interview on CNBC's Jim Cramer's "Mad Money" show.
Warren is entitled to any opinion, Sloan said, telling Cramer he believes is the "right person" to run Wells Fargo. The executive said he not only cares deeply about the company after working at the bank for more than three decades, but has "taken responsibility" for past scandals.
Why It's Important
Sloan said people who acknowledge prior mistakes shouldn't be "criticized for taking responsibility." Rather, his leadership as CEO should be based on what he and the big bank do to move forward, he said.
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"Judge me on what I said we would do and what we've done."
Wells Fargo earned $4.28 per share in the full year 2018, which is a record high, Sloan said. Deposit growth rose year-over-year from a consumer standpoint, and loan growth in the fourth quarter was the strongest seen in the past two years, he said.
What's Next
Regardless of any public comments from a potential future U.S. president, Sloan said he works for the shareholders and on behalf of the board.
Both have high expectations for the CEO's performance, and he said he's "exceeding those expectations."
Related Links:
Wells Fargo Reports Mixed Q4 Results
Did Wells Fargo's CEO Stumpf 'Take One For The Team?'
Photo via Wikimedia.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.