Federal regulators expressed ‘no confidence’ in Wells Fargo CEO

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That’s probably why Sloan said peace out to his job..

At least three of Washington’s most powerful regulators had expressed “no confidence” in Wells Fargo’s CEO, Tim Sloan, in the weeks leading up to his abrupt resignation Thursday, The Post has learned.

There was a “regulatory push” led by the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corp. — three of the bank’s principal regulators — to oust Sloan from his perch at the bank in recent weeks, according to a person briefed on the matter.

“There were multiple regulators voicing no confidence,” the person said of the OCC, the Fed and the FDIC.

Bryan Hubbard, a spokesman for the OCC, declined to comment but directed The Post to an open consent order it has with the bank, from April 2018, allowing it to “provide additional guidance” on senior executive officers and board members.

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Bye Felicia! Wells Fargo CEO Tim Sloan abruptly steps down

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Wells Fargo announced Thursday that the embattled Sloan is relinquishing his post as CEO and president of the megabank and stepping down immediately.

According to the bank, Sloan is retiring as CEO, president, and board member on June 30, 2019, but his retirement is taking immediate effect.

The bank said that C. Allen Parker, who currently serves as the bank’s general counsel, will now take over as interim CEO, president, and member of the board.

Read on.

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