Wells Fargo & Co. CEO Tim Sloan announced his retirement on Thursday, Los Angeles Times reported. Sloan stepped down as CEO, president and board member effective immediately, and the company’s general counsel C. Allen Parker will serve as his interim replacement until new CEO is hired. Wells Fargo is looking to hire a new CEO from outside the bank so they are not connected to the ongoing scandal.
In 2016, the bank admitted to having created multiple accounts for its clients without authorisation, amounting to millions of unauthorised checking, savings and credit card accounts. The proceedings had taken place as early as 2002, and many criticised the choice of Sloan for the CEO position as he is believed to have known about the problems before they became public knowledge.