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Wells Fargo CEO Steps Down Amid Multiple Scandals

HeadlineMar 29, 2019

Wells Fargo CEO Tim Sloan is stepping down as the banking giant faces multiple scandals related to its predatory lending practices and misleading and defrauding customers. Senator Elizabeth Warren tweeted in response to the news, “About damn time. Tim Sloan should have been fired a long time ago. He enabled Wells Fargo’s massive fake accounts scam, got rich off it, & then helped cover it up. Now—let’s make sure all the people hurt by Wells Fargo’s scams get the relief they’re owed.” Earlier this month, Democratic lawmakers grilled Sloan on consumer fraud, as well as Wells Fargo’s relationship to the NRA, private prisons and the fossil fuel industry. The following day, Wells Fargo increased his salary to $18.4 million, including a $2 million bonus.

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