In the wake of Wells Fargo’s plan to cut up to 26,500 jobs over the next three years, Sen. Elizabeth Warren (D.-Mass) is calling for CEO Tim Sloan to be given the boot.
Warren said on Twitter that during testimony before Congress in 2017, Sloan told her that she was “using math inappropriately” when the politician said the bank would have to let 20,000 employees go to meet its cost projections.
“Today, he says Wells will fire up to 26k workers, while doing billions in stock buybacks. Sloan’s the one who should be fired,” she said in a tweet on Thursday.
(Sloan was tapped to replace John Stumpf as CEO in October 2016, one month after intense media attention was paid to fraudulent accounts at the bank. )
Warren’s call for Sloan’s firing — not her first — isn’t the only trouble the embattled bank has had this week.
On Friday, the bank’s stock traded down 1% at about $55, which is 17% off its 52-week high of $66.30.
Raymond James equity analysts laid out their bear case for Wells Fargo’s stock in a report on Tuesday.