One of Wells Fargo & Co.’s biggest competitors isn’t impressed with the bank’s leadership transition.
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said it was “irresponsible” for Wells Fargo to announce CEO Tim Sloan’s departure without a succession plan ready. Allen Parker, the bank’s general counsel, took over as interim CEO in March and a search for an outside executive is ongoing.
Sloan’s abrupt departure came days after he endured a congressional hearing and public criticism from regulators over the lender’s scandals. At the time of Sloan’s exit, no formal talks with possible successors had begun and a recruiting firm hadn’t yet been selected to run the search.
“I’d be surprised if regulators wanted that to happen because it’s irresponsible,” Dimon said Tuesday at a banking conference in New York. Dimon said he had no knowledge of what led to Sloan’s exit.
A Wells Fargo representative declined to comment.