Wells Fargo CEO responds to Elizabeth Warren’s calls for his firing

Wells Fargo President and CEO Tim Sloan responded Friday to Sen. Elizabeth Warren’s repeated calls for his firing after a 2016 scandal in an interview on CNBC.

“She can have that opinion,” Sloan, a frequent target of the Massachusetts senator and longtime Wall Street watchdog, told Jim Cramer on “Mad Money.” “I think, if I’m not doing my job, as opposed to someone having an opinion about me that isn’t always an informed opinion, then, of course, it would be appropriate that I’m not in this role.”

Warren, who is exploring the idea of a 2020 bid for president, asked the Federal Reserve in October to maintain its growth cap on Wells Fargo until the bank fires Sloan for his implication “in the bank’s repeated and egregious misconduct.”

The scandal involved Wells Fargo employees opening millions of unauthorized bank accounts and has resulted in numerous penalties and millions of dollars in settlements.

Sloan confirmed that the Fed’s growth cap will remain in place until the end of 2019 in Wells Fargo’s most recent earnings report. Still, in the Friday interview, he argued that he was the best man for the CEO job.

“I think I’m the right person to run this company today,” he told Cramer. “I care deeply about this company. I’ve been there for 31 years. I know how the company operates. I’ve taken responsibility. I don’t think you should be criticized for taking responsibility, acknowledging mistakes you’ve made, which we’ve done, and then moving the company forward. Judge me on what I said we would do and what we’ve done.”

Sloan, who has also been Wells Fargo’s chief financial officer and led its wholesale banking division during his three-decade tenure, reiterated that he would understand calls for his resignation “if I’m not getting things done.”

But, he added, “I work for our shareholders and I work on behalf of the board. They have high expectations for me and I’m exceeding those expectations.”

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money TwitterJim Cramer TwitterFacebookInstagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com

Leave a Reply

Your email address will not be published. Required fields are marked *

− 3 = 7