Yesterday, Wells Fargo CEO John Stumpf announced his "early retirement" from the scandal-haunted company, with the CEO seat being filled by former COO Tim Sloan.
Sloan is a bizarre pick for the job. With evidence mounting that the fraud goes back to 2008 or even 2005, and that the company's culture of coercion through blackballing threats was responsible for millions of criminal acts, Wells has appointed a veteran of the company -- who held senior, responsible roles through the entirety of the scandal -- to the top job.
He's not just any veteran, either: in 2013, Sloan told the LA Times that his company had no "overbearing sales culture" -- that everything was fine and the low-level bankers who were coming forward with early warnings about being pressured to act unethically were imagining things.
As the scrutiny over the fiasco grew, Sloan was promoted to President and Chief Operating Officer at Wells. He was the one who gave Carrie Tolstedt — the head of the bank’s retail division — that she would be “retiring” this past summer. But through it all, he maintained that Wells Fargo’s practice of constantly pushing employees to upsell and cross-sell financial products was not going to change.
“Because when you think of our vision, it’s to satisfy our customers’ financial needs, and to help them succeed financially,” he explained to American Banker in a June 2016 interview, adding that the “fundamental strategy that we have is not going to change.”
New Wells Fargo CEO Recently Denied “Overbearing Sales Culture” That Created Fake Account Fiasco
Illegitimate, popular vote losing, and manifestly unfit United States President Donald Trump said on Monday that at a recent dinner with Tim Cook — what, you didn’t think they hung out and shared meals? — the Apple CEO made a “very compelling argument” that Apple may lose its competitive edge to Samsung because of Trump’s […]
Well before the collapse of Bernie Madoff's ponzi scheme -- the largest in world history! -- accounting investigator Harry Markopolos had publicly accused Madoff of running a scam; now he says that General Electric is "one recession away" from bankruptcy, with a "balance sheet in tatters."
Nelsie writes, "Twitter user tweeting about inhuman conditions at Amazon warehouses gets brigaded by tag-team of warehouse workers who are paid to tweet about working at Amazon warehouses two days of the week."
Accidents happen. And when they do, you’re going to want a dash cam for a second pair of eyes. At the minimum, a decent dash cam can save you vast sums of time and money in case of an accident. But a really good dash cam can do a whole lot more. Here are six […]
The field of data analytics is growing as fast as the internet itself. Self-driving cars, airline pricing, and huge marketing campaigns are all driven by the insights that data scientists can distill out of vast sums of information. Even with the help of powerful software like Python, it’s a highly skilled position. But those skills […]
If you’re marketing on the web, your Google-fu needs to be strong – and up to date. Without a firm grasp on what drives traffic, you’ll never be able to take the wheel. That’s why even if you know where to put your keywords, a little extra effort goes a long way on any marketer’s […]