Timothy J. Sloan Biography | Timothy J. Sloan

Timothy J. Sloan is an American banker. He was the chief executive officer (CEO) of Wells Fargo from October 2016 and retired on March 28, 2019. He had previously served as a chief operating officer (COO) and chief financial officer (CFO).

Mr. Timothy J. Sloan, also known as Tim, has been the Chief Executive Officer of Wells Fargo & Company since October 12, 2016, and as its President since November 17, 2015. He serves as President at WFC Holdings Corporation. Mr. Sloan served as the Chief Operating Officer at Wells Fargo & Company from November 17, 2015, to October 12, 2016. He served as the Head of Wholesale Banking and Senior Executive Vice President of Wholesale Banking at Wells Fargo & Company from May 15, 2014, to November 2015. He served as Head of Wholesale Banking and Senior Executive Vice President of Wholesale Banking at Wells Fargo Bank, National Association. Mr. Sloan was the Chief Financial Officer and Executive Vice President at Wells Fargo Bank, National Association from February 2011 to May 2014.

He served as the of Senior Executive Vice President of Wells Fargo & Company from February 8, 2011, to May 15, 2014. Mr. Sloan served as the Chief Financial Officer and Senior Executive Vice President for Wachovia Preferred Funding Corp. since February 23, 2011. He was Executive Vice President (Commercial Banking, Real Estate, and Specialized Financial Services) of Wells Fargo Bank, N.A. from 2006 to 2010 He served as the Chief Administrative Officer of Wells Fargo & Company from September 3, 2010, to February 8, 2011. He served as an Executive Vice President of Wachovia Preferred Funding Corp. since February 23, 2011. He served as the Head of Commercial Banking Real Estate & Specialized Financial Services at Wells Fargo & Company. He served as the Head of Specialized Financial Services for Wells Fargo & Company.

He served as an Executive Vice President of Wholesale Banking with Wells Fargo Bank, National Association, from August 2003 to September 2010. Mr. Sloan joined Wells Fargo in 1987. Mr. Sloan has been a Director of Wells Fargo & Company since October 12, 2016. He served as an Independent Director of California Resources Corporation from December 1, 2014, until February 28, 2017. Mr. Sloan serves on the Board of Overseers of the Huntington Library and is a member of the University of Michigan’s Ross School of Business Advisory Board. He is a trustee of Ohio Wesleyan University and the City of Hope. Mr. Sloan holds a B.A. in Economics and History and an M.B.A. in Finance and Accounting from the University of Michigan.

Timothy J. Sloan Age

Timothy J. Sloan is (58–59)years old of the year. He was born on 1959/1960

Timothy J. Sloan Personal life

Sloan is married, with three adult children, and lives in San Marino, a suburb of Los Angeles.

Timothy J. Sloan Career

Sloan worked as a bank teller at Standard Federal Savings and Loan Association in Ann Arbor, during the summer holidays while a student. In 1984, he joined Continental Illinois National Bank and Trust. In 1987, he joined Wells Fargo, rising to COO and president in November 2015.

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Timothy J. Sloan Education

Sloan earned his B.A. in economics and history and his M.B.A. in finance and accounting, both from the University of Michigan–Ann Arbor.

Timothy J. Sloan Net Worth And Salary

WHAT IS THE SALARY OF TIMOTHY J SLOAN?

As the President, Chief Executive Officer, and Director of Wells Fargo, the total compensation of Timothy Sloan at Wells Fargo is $17,564,000. There are no executives at Wells Fargo getting paid more.

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Wells Fargo

Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States. It is the world’s fourth-largest bank by market capitalization and the third largest bank in the US by total assets. Wells Fargo is ranked #26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue.^[12] In July 2015, Wells Fargo became the world’s largest bank by market capitalization, edging past ICBC, before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts by Wells Fargo employees. Wells Fargo fell behind Bank of America to third by bank deposits in 2017 and behind Citigroup to fourth by total assets in 2018.

The firm’s primary operating subsidiary is national bank Wells Fargo Bank, N.A., which designates its main office as Sioux Falls, South Dakota. Wells Fargo in its present form is a result of a merger between San Francisco–based Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998 and the subsequent 2008 acquisition of Charlotte-based Wachovia. Following the mergers, the company transferred its headquarters to Wells Fargo’s headquarters in San Francisco and merged its operating subsidiary with Wells Fargo’s operating subsidiary in Sioux Falls. Along with JPMorgan Chase, Bank of America, and Citigroup, Wells Fargo is one of the “Big Four Banks” of the United States. As of June 2018, it had 8,050 branches and 13,000 ATMs. In 2018 the company had operations in 35 countries with over 70 million customers globally.

In February 2014, Wells Fargo was named the world’s most valuable bank brand for the second consecutive year in The Banker and Brand Finance study of the top 500 banking brands. In 2016, Wells Fargo ranked 7th on the Forbes Magazine Global 2000 list of largest public companies in the world and ranked 27th on the Fortune 500 list of the largest companies in the US. In 2015, the company was ranked the 22nd most admired company in the world, and the 7th most respected company in the world. As of December 2018, the company had a Standard & Poor’s credit rating of A− However, for a brief period in 2007, the company was the only AAA‑rated bank, reflecting the highest credit rating from two firms.

On February 2, 2018, the US Federal Reserve Bank barred Wells Fargo from growing its nearly US$2 trillion-asset base any further, based upon years of misconduct, until Wells Fargo fixes its internal problems to the satisfaction of the Federal Reserve. In April 2018, The Wall Street Journal reported that the US Department of Labor had launched a probe into whether Wells Fargo was pushing its customers into more expensive retirement plans as well as into retirement funds managed by Wells Fargo itself. Subsequently, in May 2018, The Wall Street Journal reported that Wells Fargo’s business banking group had improperly altered documents about business clients in 2017 and early 2018. In June 2018, Wells Fargo began retreating from retail banking in the Midwestern United States by announcing the sale of all its physical bank branch locations in Indiana, Michigan, and Ohio to Flagstar Bank.

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Timothy J. Sloan News

Wells Fargo CEO Timothy Sloan abruptly steps down

Adopted: https://www.richmond.com

Published: 29 March 2019

Timothy J. Sloan, the embattled chief executive of Wells Fargo & Co., abruptly stepped down Thursday, the company announced.

Sloan, who has been at the company for 31 years and became chief executive in 2016 after his predecessor resigned under pressure, has been facing intensifying criticism about the bank’s culture and sales practices.

Wells Fargo said Sloan, 58, would be replaced by the bank’s general counsel, C. Allen Parker, on an interim basis as it searches for a permanent chief.

Wells Fargo, once regarded as among the nation’s best-run financial institutions, has been reeling since it admitted in 2016 that it had for years opened thousands of fictitious accounts in customers’ names, improperly charged them fees and sold them unwanted products. Since then, the bank has been hit with numerous financial penalties by regulators.

Last year, the Federal Reserve punished Wells Fargo for its yearslong pattern of misconduct by barring the bank from expanding until it cleans up its culture and establishes better internal checks and balances. Sloan twice pushed back his estimate for when the Fed would lift its restrictions.

It wasn’t clear what prompted Sloan to tender his resignation. He appeared before a congressional committee this month and defended his work repairing the bank’s culture and practices. Lawmakers from both parties attacked his record.

After Sloan’s testimony, the Office of the Comptroller of the Currency — Wells Fargo’s primary federal regulator — took the unusual step of publicly criticizing the bank. Days before his Capitol Hill testimony, The New York Times reported that many Wells Fargo employees felt they remained under intense pressure to reach the types of internal sales targets that bank executives had insisted were no longer in force. Less than a week ago, two senators sent a letter to the Federal Reserve urging it to keep the growth restrictions on Wells Fargo in place until Sloan was replaced as chief executive.

“Recent reports provide more evidence that Wells Fargo is fundamentally broken, with a record of misconduct that has lasted for years,” they wrote. “There is no evidence whatsoever that Mr. Sloan will fix these problems.”

Betsy Duke, a former Virginia banker who is chairwoman of Wells Fargo’s board, said in a statement that the company would seek an external candidate to replace Sloan.

“The board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo,” she said.

Wells Fargo shares rose by more than 2 percent in after-hours trading. The company’s share price has lagged the broader market this year, rising just 6.5 percent compared with a 12.3 percent increase in the S&P 500.