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Sloan should not be the last Wells Fargo executive to leave: Waters

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WASHINGTON — Tim Sloan's departure as CEO of Wells Fargo is "long overdue" but more steps are needed by the bank in response to its consumer protection scandals, House Financial Services Committee Chairwoman Maxine Waters said Friday.

Sloan's resignation "should be followed by the removal of other culpable executives and directors,” the California Democrat said in a statement. “This bank has a long, shameful track record of egregious violations of the law.”

Waters added that as committee chair, she intends to continue to hold Wells Fargo accountable and to press regulators on their oversight of the bank.

“I will continue to scrutinize Wells Fargo’s activities and treatment of consumers, and work to ensure that the bank is held fully accountable for its wrongdoing, including by continuing to press regulators to utilize all the enforcement tools at their disposal,” Waters said.

Sloan’s departure Thursday came after several lawmakers, including Waters, had called for his removal. That congressional pressure grew earlier in the month after Sloan's testimony before Waters' committee and news that the CEO had received a $2 million bonus last year and over $18 million in total compensation.

“Mr. Sloan shouldn’t be getting a bonus, he should be shown the door,” Waters said at the time.

Sloan had succeeded former CEO John Stumpf after the 2016 scandal over Wells Fargo bankers having opened millions of fake accounts. Other scandals later came to light, including a software error that led to hundreds of wrongful foreclosures as well as reports that the bank was charging customers for auto insurance policies they did not need.

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