New Wells Fargo CEO: Stumpf made decision to exit, 'lot' more to be done
Speaking in a CNBC interview Wednesday, incoming Wells Fargo chief Tim Sloan confirmed that the decision to transition chairman and CEO John Stumpf out of the company was made by Stumpf himself. Asked whether the move was a "necessary condition" for the bank to move on from its fake accounts scandal, Sloan said "John certainly did," as he felt the focus on him was becoming a "distraction" and a hindrance to the business. Asked whether there was more to be done at Wells Fargo, Sloan replied there is a "lot to be done," adding that any single person "isn't gonna make the difference." Asked whether he too initially found out about the phony accounts problem in 2013, Sloan would only say that the board is conducting an independent investigation, and he wants to be deferential to that process. Lastly, when questioned about whether he was hopeful of drawing a line under the company's stock price with its upcoming earnings report, Sloan said he looks forward to talking to Wells Fargo's investors, "just like we do every quarter."