The upheaval comes when Wells Fargo is repeatedly called upon by politicians, including Senator Elizabeth Warren, to find a new leadership. Repair his broken culture.
"I have decided that it is best for the company that I am setting aside," Sloan said in a statement.
Sloan, who was named CEO in 201
"It has become obvious To me, Wells Fargo will benefit from a new CEO and a new perspective," said Sloan.
Wall Street seems to agree with Wells Fargo's shares [3,659,004] Wells Fargo said that Sloan will be temporarily replaced by C. Allen Parker, the bank's general counsel, while the board is looking for an outside successor.
"Although we do Wells Fargo's chairman, Elizabeth Duke, said, "The Board has concluded that finding someone outside is the most effective way to complete the transformation in Wells Fargo."  Duke, a former Federal Reserve official, told Sloan that he was serving Wells Fargo. with pride and dedication "and work tirelessly as CEO.