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Wells Fargo CEO Stumble Puts Bank in Familiar State of Disarray

April 3, 2019, 12:43 PM

For the past 30 months, the investor case for keeping Wells Fargo & Co. veteran Tim Sloan as chief executive officer was his steady hand. His abrupt departure last week is bringing more turmoil instead.

The bank, already under fire from regulators and lawmakers, is again caught flat-footed as it starts what could be a lengthy search for a new CEO. No formal talks with possible successors have begun and a recruiting firm had yet to be selected as of late April 2, a person familiar with the matter said. The San Francisco-based bank declined to comment on the process. ...