Wells Fargo CEO To Elizabeth Warren: I'm Not Going Anywhere

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Potential 2020 Democratic candidate and U.S. Senator Elizabeth Warren (D-Massachusetts) is no fan of Wells Fargo & Co WFC CEO Tim Sloan.

What Happened

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. 

"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."

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Related Links:

Wells Fargo Reports Mixed Q4 Results

Did Wells Fargo's CEO Stumpf 'Take One For The Team?'

Photo via Wikimedia. 

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Posted In: MediabanksCNBCElizabeth WarrenJim CramerMad MoneyTim SloanWells Fargo Scandal
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