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March 28, 2019 at 04:41 PM
Wells Fargo & Co. Chief Executive Officer Tim Sloan stepped down effective immediately amid mounting pressure over the lender’s scandals, and will be replaced on an interim basis by the bank’s general counsel, C. Allen Parker.
Sloan, 58, will retire from the San Francisco-based company at the end of June, it said in a statement Thursday.
Parker, 64, joined Wells Fargo in 2017 as the bank’s general counsel, one of more than 10 senior hires from outside the company as it sought to clean up its image with regulators, investors and the public. He was previously presiding partner at Cravath, Swaine & Moore, one of Wall Street’s most preeminent law firms.
