What Tim Sloan Should Tell Congress on Tuesday
It's safe to assume that the new CEO of Wells Fargo (NYSE: WFC), Tim Sloan, isn't looking forward to a relaxing weekend.
On Tuesday, Sloan is set to testify before the Senate Banking Committee. The hearing, titled "Wells Fargo: One Year Later," will focus on the progress that the bank has made since it was revealed last year that thousands of its employees had opened up millions of accounts for its customers without their authorization to do so.
It's bound to be an uncomfortable experience, if the reception that former Wells Fargo CEO John Stumpf received in the same chambers 12 months ago is anything to go by. To make matters worse, Sloan is still new to the job, and the entire time he's spent in the corner office has consisted of crisis management, so he hasn't developed the outward trappings of confidence that one associates with a leader of an institution of Wells Fargo's size.
Source: Fool.com