Top critic Elizabeth Warren lays it on for Wells Fargo
Democrat senator Warren has made it clear that CEO Tim Sloan is not the right man to clean up the scandal-hit bank but replacements are hard to come by
Washington — Senator Elizabeth Warren has made her view clear — again and again — that Wells Fargo can not resolve its scandals until it names an untainted replacement for CEO Tim Sloan. Her fellow Democrats in the House plan to turn up the pressure with hearings in coming months. But the board does not agree, and even if it did, there is a question overlooked in the many tweets and rebukes coming from Capitol Hill: Who would take over? Recruiters and investors say the pool of plausible successors is shallow, the job description daunting and the price tag steep. The obvious internal contenders have, such as Sloan, worked at the lender for more than a decade, a period of various misconduct. Finding an external candidate groomed to run the fourth-largest US bank probably means poaching from just a few peers. Paying enough to pry such an executive from a more stable situation risks a firestorm with the same critics calling for Sloan’s head. “When you replace a CEO in an institution tha...
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