News

Wells Fargo & Co.’s embattled chief executive, Tim Sloan — who has struggled to get the giant San Francisco bank past a seemingly endless series of customer abuse scandals — retired suddenly Thursday.

He stepped down as CEO, president and board member effective immediately, with his retirement taking effect June 30, Wells Fargo said.

In an effort to help bank regulators meet their responsibilities of oversight, Wells Fargo employees met with Federal Reserve officials including two Fed Governors to provide information about their working conditions that could impact customers. This was probably a first-of-its-kind meeting and demonstrated the importance of making sure frontline bank workers voices are heard when regulators are trying to make sure megabanks like Wells Fargo act responsibly for both workers and customers.

Rep. Maxine Waters on Thursday called for the firing of Wells Fargo & Co. Chief Executive Tim Sloan after the bank reported his pay increased last year by nearly $1 million despite continued consumer scandals.

To ensure politicians and regulators hear the truth about the bank’s working conditions, the Committee for Better Banks released a report, “The Wheels are still off at Wells Fargo” and spoke out about demoralizing working conditions.

A new study describes the importance of empowering frontline bank workers to creating a more sustainable banking system. “Tipping the Balance: collective action by finance workers create ‘regulation from below’” compare U.S. bank workers to other industrialized countries where most bank workers are unionized.