CEO Tim Sloan has had two years to fix Wells Fargo. Is he running out of time?
More than two years after Wells Fargo & Co. said it had created perhaps millions of unauthorized customer accounts, the scandal ignited by that admission has more than persisted - it's spread, raising questions about how long Chief Executive Tim Sloan can keep his place atop the troubled lender.
Critics, notably Sen. Elizabeth Warren, D-Mass., have repeatedly pushed the bank to fire Sloan, saying his 31-year tenure with the San Francisco bank means he knew or should have known about problems long ago. And calls for a new chief executive aren't likely to die down given new developments over the last year.
The bank has been hit with additional federal enforcement actions, including a $1-billion fine and an order to stop growing until it can show it has addressed its problems. This spring, it acknowledged it had foreclosed on hundreds of homeowners after improperly denying them mortgage modifications.
And last month the bank put two high-level executives
