Congresswoman Katie Porter (CA-45) issued the following statement after the announcement that Wells Fargo CEO Tim Sloan would be resigning effective immediately:

“Mr. Sloan presided over scandal after scandal at Wells Fargo, tried to minimize the wrongdoing in his testimony to Congress, and then failed to give customers the relief he promised. It was time for him to go – without a golden parachute.

“But the mismanagement at Wells Fargo runs deeper than Mr. Sloan. The bank has a lot of work to do to fix its problems, and Congress and our bank watchdogs need to continue pressing for change.”

Congresswoman Porter previously confronted Sloan at a hearing about his leadership at Wells Fargo.

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