Tim Sloan, President and CEO of Wells Fargo (Photo: Bloomberg)

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.

“Tim Sloan has served this company with pride and dedication for more than 31 years, including in his role as CEO since October 2016,” the board’s chair, Betsy Duke, said in the statement. “He has worked tirelessly over this period for all of our stakeholders in the best long-term interest of Wells Fargo. His decision, and today’s announcement, reflect that commitment and his belief that a new CEO at this time will best position the company for success.”

— Check out a Timeline of Wells Fargo’s Scandals on ThinkAdvisor.

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