"On March 29, 2019, Tim Sloan, CEO of Wells Fargo, announced he would step down immediately as the bank's chief executive. He had held that position since October 2016 when the bank's cross-selling and fake account scandal became public. Some Wells Fargo's senior managers in the retail bank unit had set ambitious sales objectives and introduced aggressive compensation incentives, pushing salespeople to increase cross-selling of financial products and open millions of unauthorized checking and credit card accounts. Customers ...
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"On March 29, 2019, Tim Sloan, CEO of Wells Fargo, announced he would step down immediately as the bank's chief executive. He had held that position since October 2016 when the bank's cross-selling and fake account scandal became public. Some Wells Fargo's senior managers in the retail bank unit had set ambitious sales objectives and introduced aggressive compensation incentives, pushing salespeople to increase cross-selling of financial products and open millions of unauthorized checking and credit card accounts. Customers were also overcharged for some services they had never purchased (Srinivasan et alia, 2017). Earlier that month, Sloan had appeared before the U.S. House of Representatives Financial Services Committee and the Office of the Comptroller of the Currency to offer his views on the Wells Fargo scandal. His comments sparked sharp criticism among U.S. lawmakers. They took issue with his failure to acknowledge any personal responsibility and were unconvinced he was the best fit to continue as Wells Fargo's CEO. Two weeks later, under intense pressure and growing scrutiny from shareholders and media, Sloan announced his resignation"--
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