UPDATE 3-U.S. Senator Warren urges Fed to require removal of Wells Fargo CEO [Reuters (UK)]
Wells Fargo & Company (WFC)
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Source: Reuters
Senator Warren urges Fed to require removal of Wells Fargo CEO | Reuters 4 Min Read WASHINGTON/NEW YORK (Reuters) - U.S. Senator Elizabeth Warren said on Thursday the Federal Reserve should not allow Wells Fargo & Co ( WFC.N ) to grow in size until the bank replaces Chief Executive Officer Tim Sloan. In a letter to Fed Chairman Jerome Powell, Warren said Sloan, a 30-year veteran of Wells, was “deeply implicated” in prior bank misconduct and it was untenable for him to remain at the bank as the Fed sought a drastic overhaul of its operations. “The Wells Fargo Board of Directors cannot plausibly claim that it is ‘ensuring senior management’s ongoing effectiveness in managing the firm’s activities’ while retaining a CEO that helped oversee this much misconduct,” she wrote. The Fed took the unprecedented step of ordering the bank to keep its assets below $1.95 trillion in February, saying Wells Fargo had prioritized growth at the expense of proper compliance and risk management. The ban
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WFC
Earnings
- 4/12/24 - Beat
WFC
Sec Filings
- 4/23/24 - Form 8-K
- 4/23/24 - Form PX14A6G
- 4/23/24 - Form 424B2
- WFC's page on the SEC website