Tim Sloan's decision to go down as Head of Wells Fargo was partially suspended at a threatening bank congressional meeting next month, CNBC's Jim Cramer said Friday.
Cramer said Sloan would have been too easy on a case at the hearing because he was a senior end of the bank at the time of the scandal. It was even though Sloan had no knowledge of the scheme, he added.
"A look at the composition of the committee made it clear that Sloan should be a shock bag," Cramer said, adding that Senator Elizabeth Warren, a candidate for the Democratic presidential candidate, asks him to be imprisoned .
"Politically, it's just such a slam dunk bankers aren't popular at first, and Sloan also had to live with his predecessors' sins," he said.
Sloan quoted the review of his leadership as he went down and called it a "distraction" for business progress. In January, Sloan Cramer told him he would go aside if he felt his presence was bad in the turnaround. It was after Wells Fargo delivered a "very strong quarter and a very good year."
Earlier this month, the Sloan Board gave a 5 percent pay rise to $ 18.4 million and a $ 2 million prize bonus, Cramer noted.
"I'm not saying we should feel bad for the guy … He's getting good," he said. "But I would say that Sloan was asked to clean up Augean Stables, and from what I can tell, he has done a good job on the herculean task without deserving of earnings."
Sloan, who heads the Stumpf era, made the smartest decision for both him and the bank's shareholders, Cramer said.
Finally, Sloan did not want Wells Fargo to go through the fire as he was in, he said.
"Tim Sloan did real things and took one to the team, which I think is actually worth celebrating," he said.
The House Committee on Financial Services will hold its banks titled "Holding Megabanks Accountable: A Review of Global Systemically Important Banks 10 Years After the Financial Crisis" at. 9.00 ET on April 10.
Stocks of Wells Fargo fell 1.57 percent on Friday. The stock is almost 5 percent this year.
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