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It appears that Wells Fargo is done pretending that Tim Sloan, who was never the right choice for CEO, can effectively keep running Wells Fargo:

Wells Fargo & Company announced today that Chief Executive Officer and President Timothy J. Sloan has informed the Company’s Board of Directors of his decision to retire from the Company, effective June 30, 2019, and to step down as CEO, president, and Board member effective immediately. The Board has elected C. Allen Parker, who served as the Company’s General Counsel, as interim CEO and President (and member of the Board), effective immediately. An external search process will now begin for the Company’s new CEO and President.

While the timing of Sloan's departure is abrupt, it's wildly unsurprising. Things are not turning around at The Stagecoach and Sloan has never given off any impression that he is either capable or even willing to radically alter Wells Fargo in the way that it needs to be at this point. Getting a 5% raise just a day after he biffed the shit out of a Congressional hearing was a bizarre move that seemed might have been the nail in Sloan's coffin [we're clearly very much buying the "retirement" narrative] but we still have to wonder why anyone around him didn't stop the raise from happening, or if they didn't for this purpose.

Anyway, the market is loving this:

And now we get to watch the fun of seeing how many people will turn down the CEO gig at Wells Fargo before the bank once again promotes from within and we get the next Tim Sloan.


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Imaginary Wells Fargo CEO Shortlist Down To Marty Chavez And Matt Zames

Now that Harvey Schwartz has turned The Stagecoach down allow us to take the reins of this job search.

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Wells Fargo Considering Just Admitting That No One Wants To Be CEO Of Wells Fargo

The Stagecoach is about to just give up and let its lawyer run the place.

Harvey Schwartz Wells Fargo

Wells Fargo Hoping A Noted Knife-Wielding Control Freak Can Save Its Bacon

Harvey Schwartz is newest rumored savior of The Stagecoach.


Wells Fargo Board Debases Tim Sloan By Forcing Him To Buy $2 Million Of Wells Fargo Stock

So, The Stagecoach has reached the S&M stage of its renaissance.

Wells Fargo Bless this Mess

In Search For New CEO, Wells Fargo Reports A "Bless This Mess" Quarter

The Stagecoach is offering its next leader a real fixer-upper opportunity.

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Jamie Dimon Pretty Certain That Wells Fargo Is Not Being Run Very Well

The Khaleesi of Wall Street throws some shade at The Stagecoach.

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Tim Sloan Is Feeling Himself Way Too Hard

Calm down, Timmy, you still run Wells Fargo.

The last chairman AND CEO of Wells Fargo?

Wells Fargo's Stumpf Succession Plan Is Also An Elaborate Trolling Of Elizabeth Warren

"Do we have a guy maybe MORE tarred than Stumpf? Promote him!"