trending Market Intelligence /marketintelligence/en/news-insights/trending/lj6bpbtdk9eez6lwkezubw2 content
BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR
PRIVACY & COOKIE NOTICE
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *

* Required

In this list

Wells Fargo CEO Stumpf steps down

Mobile Payment Apps Driving Fintech Frenzy In India

Street Talk Episode 42: Banks losing consumer deposits to fintech, digital platforms, commercial might be next

Corporate Renewables Market Looks To Continue Growth After Record 2018

Reframing The Conversation Around Cyber Risk


Wells Fargo CEO Stumpf steps down

John Stumpf retired from his position as chairman and CEO ofWells Fargo &Co., effective immediately.

Wells Fargo President and COO Tim Sloan succeeds Stumpf as CEOand joins the bank's board, according to a company news release.Sloan will remain president of the company.

Wells Fargo's board elected lead director Stephen Sangerto serve as nonexecutive chairman. Independent director Elizabeth Dukewill serve as vice chair.

The news follows weeks of negative headlines for Wells Fargo, after regulators hitthe megabank with $185million in fines for opening fake accounts. Stumpf faced a grillingfrom both House and Senate committees over the scandal, and about $41 million in unvestedequity awards.

"John Stumpf has dedicated his professional life tobanking, successfully leading Wells Fargo through the financial crisis and thelargest merger in banking history, and helping to create one of the strongestand most well-known financial services companies in the world," Sangersaid in a statement. "However, he believes new leadership at this time isappropriate to guide Wells Fargo through its current challenges and take thecompany forward." Sanger also expressed confidence in Sloan, who he said"knows Wells Fargo's operations deeply, holds the respect of itsstakeholders, and is ready to lead the company into the future."

Stumpf joined the company in 1982; he took on the CEO rolein June 2007 and the chairman role in January 2010. Sloan has been with WellsFargo for 29 years, and became president and COO in November 2015. Sangerjoined the bank's board in 2003 and has served as lead director since 2012.Duke, a former member of the Federal Reserve Board, joined the Wells Fargoboard in 2015.