The embattled Stumpf said twice during the hearing that Sloan was in charge of telling former retail executive Carrie Tolstedt that she should resign because the problems occurred in the part of the company she oversaw.
Let's not talk about the bad things with our family,' said Paul Miller, an analyst with FBR Capital Markets.
'That's the problem with Wells Fargo - they have a culture of 'We'll get through it, we'll be fine. It's one of the few cultures that Sloan - a 29-year veteran of the company who is described as low key and well liked - has ever known. His remarks exposed a management culture where problems were allowed to fester - and senior executives were taken to task too late, some observers say. The second-guessing creeped up after Stumpf's testimony last week at a Senate Banking Committee hearing to examine allegations that Wells employees created roughly 2 million fake accounts to meet aggressive sales goals and win bonuses.
Yet now investors and analysts have begun to raise the question whether Wells should consider an outside candidate for its next chief - regardless of whether the vacancy comes sooner or later. The handoff from Chief Executive John Stumpf to longtime insider Tim Sloan had been scripted to occur within a couple of years, when Stumpf, 63, would reach the company's mandatory retirement age of 65. Here's an overlooked piece of collateral damage from the Wells Fargo cross-selling fiasco: It may have thrown the company's succession plan for a loop.
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