{"id":18806,"date":"2019-03-28T13:09:26","date_gmt":"2019-03-28T21:09:26","guid":{"rendered":"https:\/\/associatednews.info\/content\/wells-fargo-ceo-quits-in-wake-of-consumer-financial-scandals\/"},"modified":"2019-03-28T13:09:26","modified_gmt":"2019-03-28T21:09:26","slug":"wells-fargo-ceo-quits-in-wake-of-consumer-financial-scandals","status":"publish","type":"post","link":"https:\/\/associatednews.info\/content\/wells-fargo-ceo-quits-in-wake-of-consumer-financial-scandals\/","title":{"rendered":"Wells Fargo CEO Quits In Wake Of Consumer Financial Scandals"},"content":{"rendered":"

By Jennifer Liberto<\/a><\/span> <\/p>\n

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\n Wells Fargo CEO Timothy Sloan is questioned by the House Financial Services Committee earlier this month. He will step down immediately, the company announced Thursday.<\/p>\n

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J. Scott Applewhite\/AP<\/p>\n

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J. Scott Applewhite\/AP<\/p>\n

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Wells Fargo CEO Tim Sloan will step down immediately, the company announced Thursday. <\/p>\n

“It has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives,” Sloan said as part of the announcement<\/a>.<\/p>\n

He is the second Wells Fargo CEO to resign in about 2 1\/2 half years, as the big bank has been buffeted by scandals<\/a>. The most prominent involved bankers creating deposit and credit card accounts for millions of customers without their knowledge.<\/p>\n

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Wells Fargo was ordered to pay $185 million in penalties and fines<\/a> in 2016 for creating unwanted accounts by the Consumer Financial Protection Bureau.<\/p>\n

Earlier this month, Sloan testified<\/a> before Congress, assuring the House Financial Services Committee that “Wells Fargo is a better bank than it was three years ago, and we are working every day to become even better.” <\/p>\n

But lawmakers from both political parties were skeptical.<\/p>\n

And a few days later, the company revealed in a filing to a government regulator that Sloan would be getting a $2 million bonus for 2018. <\/p>\n