Wells Fargo is the world’s second largest bank by market capitalization. That should give you an idea of exactly what Wells Fargo CEO Tim Sloan is headlining. Being one of America’s Big Four Banks, Wells Fargo has a lot on its plate. The very same could be said for Sloan since he took the job in 2016. But if there were anyone who could handle the job and the scrutiny, it would probably be Sloan. Sloan took over the CEO position after the big scandal of 2016, when bank employees opened credit cards and other accounts without permission from clients. It’s been a couple of years since, and Sloan is still in the process of getting Wells Fargo in the clear. Here are 10 things you didn’t know about Wells Fargo’s CEO Tim Sloan.
1. He started out as a bank teller.
Talk about climbing the ranks—Sloan literally started from the bottom and worked his way up to CEO. His first banking job was as a bank teller at Standard Federal Savings and Loan Association in Ann Arbor. He worked there while he was on break from school during the summer season.
2. He went to school in Ann Arbor also.
Sloan earned his Bachelors and Masters degrees from the same school. He received his Bachelor of Arts in Economics and History from the University of Michigan—Ann Arbor. He also received his Masters of Business Administration in Finance and Accounting from the same school.
3. He started working at Wells Fargo in the 80s.
It was actually a fateful day in 1987 when Sloan began his work at a Wells Fargo. By the time 2015 came, 28 years later, he was COO of the company. Just another year later, Sloan would step forward to take on the role of CEO after John Stumpf’s retirement, Sloan’s predecessor.
4. He just got a raise.
Amidst all the scandal that’s still chasing Wells Fargo around, Sloan somehow managed to get a $4.6 million raise. Subsequently many people have raised their eyebrows to this, but we’re not sure if Sloan noticed behind that big paycheck.
5. He’s got the ultimate nemesis.
Sloan is not the type of guy to back down, as he’s proven with his recent bouts with Congress. Sen. Elizabeth Warren is hell-bent on making sure that Sloan is relieved of his position as CEO, and she makes sure that Sloan is very much aware of her feelings and thoughts.
6. He’s not new to crisis.
Sloan was actually there when Wachovia was facing its end back in 2998, and at that time, it was Sloan who calmed the fire. He helped the bank analyze the various pathways it should take in the process of looking forward to the Wells Fargo merger.
7. He’s committed to the community.
As busy as this CEO may be, Sloan makes sure that he has time for this other commitments. He serves as Board of Overseers of the Huntington Library. He’s a member of the Board of Trustees at California Institute of Technology, and he’s also a member of the University of Michigan’s Ross School of Business Advisory Board.
8. He lives lavishly.
Sloan is married, and his three kids are all adults now. He lives in a mansion with his wife in upscale San Marino. He purchased this home back in 2007 for $5.15 million. The home is a Spanish-style, 5,804 sq. ft. mansion with eight bedrooms. Of course, it sits on a cul de sac.
9. He’s got political influence.
In the past, Sloan has donated more than $25,000 to political candidates. 80% of this amount has gone to Republicans such as Mitt Romney and Sen. Scott Brown of Massachusetts. He’s also donated to the Republican National Committee. The huge campaign contributions have given Sloan a bit of an edge and influence when it comes to politics.
10. His ideals stems deep from his childhood.
Growing up in Michigan, Sloan first noticed the flow of the economy through his father’s business. His father worked in the automotive industry, and this is how Sloan first became interested in how money worked. Eventually, this interest would take him into the world of finance, where he would be one of the most influential figures.
Written by Garrett Parker
Read more posts by Garrett Parker