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Wells Fargo CEO Tim Sloan steps down

Wells Fargo and Company CEO Timothy Sloan testifies before the House Financial Services Committee
Wells Fargo's ex-CEO Timothy Sloan testifying before the House Financial Services Committee last month. (Photo by Chip Somodevilla/Getty Images)

After two years at the helm, Wells Fargo CEO Tim Sloan will step down effective immediately. The company's general counsel Allen Parker will serve as interim CEO while the company searches for a new chief executive.

Between the lines: Sloan is the second CEO, after John Stumpf, to leave since Wells Fargo's customer abuse scandals came to light in late 2016. Lawmakers have called for Sloan to resign given a string of other controversies that happened under his watch. Officials also questioned how much Sloan knew as COO and CFO when the company's foul sales practices were underway.

  • Also noteworthy: Parker joined Wells Fargo in 2017, which in theory means he will avoid criticism surrounding the bank's controversies that occurred before he was there.