Listen: Tim Sloan, Wells Fargo, OCC discussed on FT Banking Weekly
"The then CEO Tim Sloan was hold before the house of representatives financial services committee and basically excoriated for about four hours, which in itself wouldn't have rung the death knell on his leadership of the company. But after that hearing, some enterprising reporter, not myself had the bright idea of calling the CC and saying what do you think about all this and the OCC in an extremely unusual almost unheard of move released and apparently impromptu statement expressing its deep disappointment with Wells Fargo and its ability to get its governance stuff together. And that may have been the final straw for Wells Fargo, and Tim Sloan. It's interesting isn't it because he was the man brought in as you say in the aftermath of that fake accounts scandal, that'd be another kind of smallest guy. Handles since. But none of it's his doing if you like as he just being blamed for historical scandals, and is one of the reasons for that the fact that he was an inside appointment. He was a senior exac under the old chief executive when all these candles were actually happening. I think you've put your finger on it. Yes. He was the new guy brought in. Yes, he came from the commercial banking side of the Bank rather than the retail banking side of the Bank where the really big problems and the scandals all emanated. However, I think what's happened here is that it just became untenable, given the political and regulatory environment to have a career Wells Fargo person running the company, and that's reflected in the fact that after Tim Sloan announced his resignation the company said we are starting a search, and we're going to search for outsiders. So even those Mr. Sloan was not directly implicated in the scandals. The very fact that he'd been a senior leader at the Bank when they happened was just too much. Yes. Well, now, the hunt will begin for that side. I guess it's not something that happens very quickly. So I suspect you'll put a law reporting to to find that when that's going to happen. It's going to be. But I wish you luck. Well, that's it for this week. All this left me to do is to thank all, my guests that Stephen and Graham here in London rope in New York and Richard in Oslo. And also, thank you for listening.."