TIM SLOAN RESIGNS AS CEO OF WELLS FARGO

Wells Fargo CEO and president Tim Sloan abruptly stepped down Thursday, announcing his retirement amid new criticism of the bank’s efforts to recover from a 2016 scandal over millions of fake accounts. The 31-year veteran of one of the nation’s largest banks appeared to allude to the continuing problems facing Wells as the company issued a statement that said he would retire in June. “In my time as CEO, I have focused on leading a process to address past issues and to rebuild trust for the future,” Sloan said in the statement.