Home / Business / Tim Sloan did the right thing and "one for the team"

Tim Sloan did the right thing and "one for the team"

Tim Sloan's decision to step down as Wells Fargo's boss was due in part to an upcoming session of the Congressional Congressional Committee next month, said CNBC's Jim Cramer on Friday.

90 million. Customer approval. Sloan, who had spent more than three decades in the firm, took over In October 2016, succeeding as CEO.

Cramer said Sloan was too easy a target at the hearing because he was a high-ranking officer of the bank during the time of the scandal, even if Sloan had no knowledge of the scheme he added.

"A look at the composition of this committee made it clear that Sloan would become a punching bag," said Cramer, adding Senator Elizabeth Warren added: a candidate for the Democrat presidential candidate demands that he go to jail.

"Politically it's such a slam dunk – bankers are not popular at first, and Sloan also had to live with the sins of his predecessor," he said.

Sloan cited the review of his leadership as he resigned, calling it a "distraction" for the company's progress. In January, Sloan Cramer said he would step aside if he felt his presence was violating the turnaround. This was after Wells Fargo delivered a "very strong quarter and a very good year".

Earlier this month, the board granted Sloan a 5 percent salary increase to $ 18.4 million and a $ 2 million performance bonus, Cramer said.

"I'm not saying we should feel bad for the guy … he'll be fine," he said. "But I'll say Sloan was asked to clean up the Augean Stables, and from what I can say, he did a good job on this Herculean task without derailing the revenue."

Sloan, a stump-era executive "The best decision for him and the bank's shareholders," said Cramer.

In the end, Sloan did not want Wells Fargo to blow the fire he was in, he said.

"Tim Sloan did that right and picked one for the team that I think is really something to celebrate," he said.

The House Financial Services Committee will hold its banks entitled "Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 years after the financial crisis" on April 10 at 9:00 pm (ET).

The shares of Wells Fargo Sunk on Friday by 1.57 percent, the stock has risen nearly 5 percent this year.

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