- Tim Sloan has replaced John Stumpf as Wells Fargo’s New CEO, but some wonder whether such a longtime insider can really change the bank’s culture of customers and employee abuse.
- Related: Special Report | Amazon & Wal-mart: Big Box Retailers Behaving Criminally
Peter Dreier, American Prospect
To stay on top of important articles like these, sign up here to receive the latest updates from all reader supported Evergreene Digest.
Wells Fargo Senior Executive Vice President and Chief Financial Officer Timothy J. Sloan is interviewed on the floor of the New York Stock Exchange, Wednesday, November 13, 2013. AP Photo/Richard Drew
October 28, 2016 | candal-plagued Wells Fargo’s recent selection of long-time bank insider Tim Sloan to replace John Stumpf as its CEO has done little to mollify critics, given Sloan’s central management role during more than a decade of consumer and community complaints.
Sloan has largely escaped scrutiny during the thumping Wells Fargo has taken from Congress, the media, and bank reform activists for boosting its own stock price by secretly creating more than two million unauthorized checking and credit-card accounts. As lawmakers and state and federal regulators line up to investigate the bank following Stumpf’s resignation, Sloan now replaces him on the hot seat. Sloan’s role as a member of the bank’s inner circle at a time when Wells Fargo stood accused of reckless and discriminatory practices is sure to interest investigators.
Peter Dreier teaches politics and chairs the Urban & Environmental Policy Department at Occidental College. His latest book is The 100 Greatest Americans of the 20th Century: A Social Justice Hall of Fame (Nation Books, 2012).
Full story …
Special Report | Amazon & Wal-mart: Big Box Retailers Behaving Criminally, Compiled by David Culver, Ed., Evergreene Digest
Part 1: Report: How Amazon's Tightening Grip on the Economy Is Stifling Competition, Eroding Jobs, and Threatening Communities
Amazon is far more than a big, aggressive retailer.
Part 2: Who should pay: You or Walmart?
Who do you think should pay the price of providing security for property and other minor crimes in Walmart stores?