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Sen. Warren On Wells Fargo CEO Sloan's Retirement: 'About Damn Time'

Sen. Warren On Wells Fargo CEO Sloan's Retirement: 'About Damn Time'

Sen. Elizabeth Warren, a Democratic contender in the 2020 presidential race, said Thursday Wells Fargo & Co (NYSE: WFC) outgoing CEO Tim Sloan should have been "fired a long time ago."

What Happened

Sloan announced his retirement from the bank Thursday, which prompted longtime critic Warren to say it was "about damn time."

The candidate told Tim Sloan point blank in 2017 that he was either part of Wells Fargo's fake account scandal or incompetent.

Leaving the company isn't enough, Warren said, tweeting that she believes the outgoing exec needs to be investigated by the Securities and Exchange Commission and Department of Justice for his "role in all the Wells Fargo scams."

"He enabled Wells Fargo's massive fake accounts scam, got rich off it, & then helped cover it up," Warren said. 

Buffett: '100 Percent' Behind Sloan

Major Wells Fargo shareholder Warren Buffett said in an interview with CNBC's Becky Quick Thursday that he continues to offer Sloan his "100 percent" support. As CEO, Sloan helped tackle a "big problem" in reaction to the fake account scandal which also made it "politically sensitive."

Buffett said he was notified of Sloan's decision the day before and it was "out of the blue."

Management Pro: Not Fair

Jeff Sonnenfeld, senior associate dean of the Yale School of Management, told CNBC in an interview Thursday that Sloan's departure is "very unfair" after delivering "the best earnings in the company's 161-year history."

Sloan worked hard in overturning all the wrongdoings conducted by his predecessor, John Stumpf, who was "apparently deceiving even the board," Sonnenfeld said.

Sloan's performance was "heroic," and the criticism from Warren is unwarranted, as the CEO was the "fix-it guy," the Yale dean said. 

Related Links:

Raymond James Upgrades Wells Fargo, Says Tim Sloan's Retirement 'Removes A Headwind'

Wells Fargo CEO Tim Sloan: Bank's Culture Has 'Substantially Improved'

Photo courtesy Elizabeth Warren/Wikimedia


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