March 21, 2019
Harvey Schwartz, Goldman Sachs Group Inc.'s former CFO Daniel Zuchnik / Contributor / WireImage / Getty Images  (Bloomberg) – Wells Fargo & Co. said CEO Tim Sloan has full support from the board following a report by directors to Goldman Sachs Group Inc.'s former finance manager for his work.  The New York Post reported Thursday that members of the bank's board are in negotiations with Harvey Schwartz to take over as managing director with reference to unidentified persons. The bank repeated the statement of support for Sloan, which it gave last year, when the post said the board spoke to former Goldman Sach's president Gary Cohn.
"Ryderies that Wells Fargo's board reached out to potential CEO candidates is completely false," said Betsy Duke, the bank's chair, in a mailed statement to Bloomberg. "Tim Sloan has the unanimous support of the board and this support has never weaned."
Scandals at Wells Fargo outbreak in 2016 on the revelation that bankers opened millions of potentially fake accounts to meet sales targets. The problems have since emerged in all business areas, whereby the Federal Reserve prohibits Wells Fargo from growing assets beyond their end of 2017 until the bank cleans up the regulator's satisfaction.
Senator Elizabeth Warren, a Massachusetts Democrat running for president, is among US lawmakers demanding Sloan's ousters. Sloan appeared for a house committee last week for detailed efforts he was made to eradicate and correct problems and prevent new ones. He received sharp criticism from both sides of his time over his handling of the scandals.