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Wells Fargo CEO Tim Sloan steps down after rocky tenure

Sloan was chosen to replace CEO John Stumpf, who resigned after a scandal involving millions of bank accounts fraudulently opened to meet sales goals.
Credit: AP
IMAGE DISTRIBUTED FOR WELLS FARGO - Tim Sloan, chief executive officer and president of Wells Fargo, speaks as Ralph de la Vega, former vice chairman of AT&T Inc. and chief executive officer of AT&T Business Solutions and AT&T International, listens, during the L'ATTITUDE conference, Sunday, Sept. 9, 2018 in San Diego. The conference focused on the impact Latinos are having on the "New Mainstream Economy". (Susan Goldman/AP Images for Wells Fargo)

NEW YORK — (AP) — Wells Fargo Chief Executive Tim Sloan is stepping, effective immediately, after less than four years on the job during which saw an unending wave of scandals at the troubled bank.

Sloan said in a statement he will step down from his roles as CEO, president and member of the bank's board of directors effective immediately. He will retire from the bank completely on June 30.

Sloan's brief tenure at the banking giant was rocky. A longtime insider, Sloan was chosen to replace outgoing CEO John Stumpf, who resigned after Wells Fargo employees were found to have opened millions of bank accounts fraudulently in order to meet unrealistic sales goals.

Sloan tried to fix Wells Fargo's broken culture, but the bank was plagued by several similar scandals afterward.

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