A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co's ...
WASHINGTON - A top U.S. bank regulator said on Wednesday it will vet Wells Fargo & Co’s pick for its next chief executive, a development that could complicate the scandal-hit lender’s efforts to find a permanent replacement for CEO Tim Sloan.Joseph Otting, the Comptroller of the Currency , told Congress he would use special legal powers that the regulator typically reserves for overseeing financially troubled lenders to review any proposed candidate.
“At this point in time I do not have plans to release that information,” Otting told Warren in a heated exchange. Otting said the OCC remains disappointed by the bank’s progress on fixing risk management and governance problems that led to a number of customer abuse scandals, including in its mortgage and auto lending businesses.Sloan abruptly departed in late March, making him the second CEO to leave Wells Fargo following its sales practice scandal. He has said he stepped down because the external attention on him had become a distraction.
Intense congressional and regulatory scrutiny is likely to narrow the field of CEO candidates. Wells Fargo’s board is looking for an outsider following criticism that company veterans are incapable of turning things around.
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