October 18, 2018 / 2:00 PM / a month ago

U.S. Senator Warren urges Fed to require removal of Wells Fargo CEO

WASHINGTON, Oct 18 (Reuters) - U.S. Senator Elizabeth Warren said on Thursday the Federal Reserve should not allow Wells Fargo & Co to grow in size until the bank replaces Chief Executive Officer Tim Sloan.

In a letter to Fed Chairman Jerome Powell, Warren said Sloan, a 30-year veteran of Wells, is “deeply implicated” in prior bank misconduct, and it is untenable for him to remain at the bank as the Fed seeks a drastic overhaul of its operations.

“The Wells Fargo Board of Directors cannot plausibly claim that it is ‘ensuring senior management’s ongoing effectiveness in managing the firm’s activities’ while retaining a CEO that helped oversee this much misconduct,” she wrote. (Reporting by Pete Schroeder; Editing by Jeffrey Benkoe)

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