After successfully pushing in 2016 for the departure of the CEO of beleaguered U.S. bank Wells Fargo & Co. (WFC – Get Report), Democratic Senator Elizabeth Warren of Massachusetts is now gunning for another.
In a press release Thursday, Warren said she is sending a letter to Federal Reserve Chairman Jerome Powell urging him to replace Wells’ current CEO, Tim Sloan, before releasing the San Francisco-based bank from draconian sanctions imposed earlier this year.
Following a series of corporate scandals starting in 2016 that led to the departure of former CEO John Stumpf, the Fed in February temporarily banned Wells Fargo from increasing its assets beyond the current level of about $2 trillion, pending significant improvement in its corporate governance and risk-management practices.
