• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

3

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers

1

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year

2

Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50

3

Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
Wells Fargo

Wells Fargo CEO Tim Sloan Says He’s Prepared to Stay Until He’s 65

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
September 21, 2018, 3:05 PM ET

Wells Fargo & Co. Chief Executive Officer Tim Sloan, commenting two days after the bank’s chairman batted back Wall Street whispers that the board is looking to replace him, said he’s prepared to keep running the company for much of the next decade.

“I’ll stay in this role as long as the board believes that I’m the right person for the role — and they do, and I think I am,” Sloan, 58, said in an interview Friday. Still, he emphasized, his last day will ultimately depend on whether directors remain satisfied with his work. “It could be as long as tomorrow,” he mused. “So somewhere between tomorrow and seven years.”

Sloan is widely credited by analysts for taking tough steps in his nearly two years atop the firm to overhaul it in response to scandals — installing a new management team, bolstering internal controls and retooling incentives for employees. On Wednesday, Chairman Betsy Duke said he has the board’s unanimous support, and that it’s never wavered, as he’s reshaped the company.

Sloan announced the next phase of Wells Fargo’s transformation on Thursday, telling staff at a town-hall meeting he plans to reduce the workforce by about 5 percent to 10 percent within three years to focus on costs. The San Francisco-based lender, which had about 265,000 employees at midyear, is struggling to maintain profits as it resolves probes and legal claims and tries to work its way out of a Federal Reserve cap on assets.

Many of the cuts will come through attrition, as some workers leave on their own and aren’t replaced, Sloan said Friday.

If the CEO has any regrets about the changes he’s made so far, he said, it’s the pace at which they were pushed through.

“Sometimes we haven’t moved as quickly as I would have liked, and part of that is because of my leadership,” he said. “When I look back and say, gosh, I think we’ve made all the right decisions. But are there some that I wish we would have moved more quickly on? Absolutely.”

About the Author
By Bloomberg
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Secret Service shoot and kill suspect who fired at White House checkpoint; bystander was also struck but Trump was not affected
Europegun violence
Secret Service shoot and kill suspect who fired at White House checkpoint; bystander was also struck but Trump was not affected
By Darlene Superville, Alanna Durkin Richer and The Associated PressMay 23, 2026
4 hours ago
Ukrainian drone attack causes fire at Russian oil terminal used for exports as Kyiv expands long-range strike capabilities
PoliticsRussia
Ukrainian drone attack causes fire at Russian oil terminal used for exports as Kyiv expands long-range strike capabilities
By The Associated PressMay 23, 2026
5 hours ago
U.S. reaches limit of sanctions power in targeting Iran’s economy
PoliticsIran
U.S. reaches limit of sanctions power in targeting Iran’s economy
By Magdalena Del Valle and BloombergMay 23, 2026
6 hours ago
Trump’s 3,711 trades point to multiple stock-market strategies
InvestingDonald Trump
Trump’s 3,711 trades point to multiple stock-market strategies
By Justina Lee, Vivien Ngo, Elena Popina, Matthew Griffin and BloombergMay 23, 2026
6 hours ago
As U.S.-Iran deal nears, Trump ally warns against creating perception Tehran controls Hormuz — ‘it makes one wonder why the war started to begin with’
PoliticsIran
As U.S.-Iran deal nears, Trump ally warns against creating perception Tehran controls Hormuz — ‘it makes one wonder why the war started to begin with’
By Jason MaMay 23, 2026
6 hours ago
Trump says a deal with Iran that would reopen the Strait of Hormuz has been ‘largely negotiated’
PoliticsIran
Trump says a deal with Iran that would reopen the Strait of Hormuz has been ‘largely negotiated’
By Munir Ahmed, Samy Magdy, Matthew Lee and The Associated PressMay 23, 2026
8 hours ago

Most Popular

Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
Success
Jeff Bezos wants the bottom half of earners to pay zero income tax—he says nurses making just $75K should save $12K a year
By Preston ForeMay 21, 2026
3 days ago
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
Success
Apple’s Steve Wozniak says he cofounded the tech giant after 5 rejections from HP—not to ‘make money.’ For years, his paycheck was just $50
By Preston ForeMay 22, 2026
2 days ago
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
Success
Indeed chief economist says we’re entering an era of ‘great mismatch’ thanks to a generational imbalance of workers
By Emma BurleighMay 22, 2026
2 days ago
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
AI
Microsoft reports are exposing AI's real cost problem: Using the tech is more expensive than paying human employees
By Jake AngeloMay 22, 2026
1 day ago
Elon Musk's SpaceX IPO filing just told us what business he's betting on for the future—and it's not rockets
Investing
Elon Musk's SpaceX IPO filing just told us what business he's betting on for the future—and it's not rockets
By Shawn TullyMay 23, 2026
20 hours ago
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
4 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.