Tim Sloan had a rocky Wall Street debut as Wells Fargo & Co.’s chief executive officer, as he announced a drop in profit and frustrated analysts hungry for information on the consumer banking scandal that prompted his appointment. The scene on 14 October, as the San Francisco-based bank posted third-quarter results, left the company’s stock among the worst performers in the KBW Bank Index of 24 big US firms. Several analysts unsuccessfully pressed for specifics about the scandal anyway. On the analyst call, Sloan deflected questions about whether the bank’s board considered appointing an outsider as CEO and how the scandal may shape his approach to the role. He deferred most queries about sales abuses, saying that he wanted “to be very respectful” of the board’s continuing investigation.

Source: Mint October 18, 2016 11:03 UTC