Wells Fargo on the Hot Seat Again
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Again, Wells Fargo executives faced angry lawmakers, and again, Senator Elizabeth Warren encouraged the CEO to leave. This time, she told CEO Timothy Sloan, "You should be fired." Last year, around this time, she told former CEO John Stump, "You should resign." She also referred to Stumpf's actions as "gutless leadership."
Senator John Neely Kennedy had tough words for the CEO too:
What in God's name were you thinking? I am not against big, but with all due respect, I am against dumb. I am against a business practice that has puts Wells Fargo first and customers second.
Sloan defended the board and his leadership by saying that a "throughout, independent investigation" has been made public. He said that he's "been making change at this company for 30 years," his actions have resulted in "fundamental change at the company," and that he has "the support of 270,000 people."
Discussion:
- How convincing do you find Sloan's testimony? Should he continue at Wells Fargo or leave the company?
- Analyze Elizabeth Warren's arguments. Do you find her criticism too harsh, on point, or something else?
- From this longer video segment, do you believe Sloan is holding himself accountable? What tells you he takes responsibility, or what else would he need to do to convince you?
