The Wall Street Journal reported that PNC’s William Demchak and former U.S. Bank chief Richard Davis have declined offers to replace Tim Sloan at Wells Fargo.
Wells Fargo’s CEO and president Timothy J. Sloan will retire from the company, effective June 30, 2019, and will step down as CEO, president, and board member effective immediately.
Wells Fargo CEO and President Tim Sloan testified before the House Financial Services Committee, asserting Wells Fargo has become a better bank through ongoing operational reforms. But numerous news services reported this testimony was met with skepticism by Congressional membership.
Wells Fargo provided an update on the progress the company has made and is making as part of its transformation to build a better, stronger company in a new progress report available on its website.
Wells Fargo named Julie Scammahorn as its new chief auditor. Scammahorn will be based in San Francisco and report to CEO and President Tim Sloan and to the Audit and Examination Committee of the board of directors.
Wells Fargo named Saul Van Beurden head of Technology, a new role the company created in October 2018. Van Beurden will be based in New York and report directly to CEO and President Tim Sloan.
Wells Fargo agreed to pay $575 million to settle civil claims with all 50 state attorneys general and the District of Columbia over its previous problematic retail sales practices, auto insurance and mortgage interest rate lock matters.
Wells Fargo’s Chief Administrative Officer Hope Hardison and Chief Auditor David Julian have begun leaves of absence from Wells Fargo. The company has made several key leadership appointments in the wake of their leaving.
Wells Fargo reported U.S. C&I average loan balances of $273.7 billion for the six-month period ending June 30, 2018, compared to $273.9 billion a year earlier. The average yield of 4.00% was up 35 BPS from 3.65% for the same six month period in 2017.