Critics rejoiced Thursday.
“About damn time,” Warren wrote on Twitter. “He enabled Wells Fargo’s massive fake accounts scam, got rich off it, & then helped cover it up. Now -- let’s make sure all the people hurt by Wells Fargo’s scams get the relief they’re owed.”
Analysts and investors will have to get to know Parker, who’s maintained a relatively low public profile while at the bank. He’s married with four children, likes golf, and wrote a master’s thesis on religious minorities in Pakistan, according to an interview posted on the bank’s website in 2017.
“The idea of taking on a new challenge in my career fascinated me,” he said then. “I knew I’d have the opportunity to help the company become a better organization and navigate the legal and regulatory issues surrounding the sales practices issues.”
‘Fall Guy’
In contrast, Sloan was well known when he took the helm. He rose rapidly through the executive ranks after Stumpf became CEO in 2007, becoming chief administrative officer in 2010 and chief financial officer just five months later. By 2015, he was president and chief operating officer.
“Tim Sloan may be a fall guy here, but they’re doing the right thing,” said Tony Scherrer, director of research at Smead Capital Management, which owns 1.26 million Wells Fargo shares. “Maybe it’s just a gesture” to assuage criticism, he said. But “it resets the bar. It shows that they’re not going to let it just fester.”
This article was provided by Bloomberg News.