Shake-up at Wells Fargo Fails to Dispel Skepticism From Regulators (AND OTHERS)

"I remain concerned that incoming C.E.O. Tim Sloan is also culpable in the recent scandal, serving in a central role in the chain of command that ought to have stopped this misconduct from happening," Representative Maxine Waters, a California Democrat, said in a statement.

Wells Fargo Reshuffles Top Ranks, Rallying Around Its No. 2 OCT. 10, 2016

For his part, Mr. Sloan did not signal in his first hours as chief executive that he intended to make any bold shifts. He praised the tenure of Mr. Stumpf and said he planned to pursue largely the same strategy in restoring the bank's reputation that his predecessor had begun.

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Even as regulators were digging into the problems this summer, Mr. Sloan, 56, remained a staunch defender of cross-selling, telling an interviewer in June that the "fundamental strategy we have is not going to change."

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Some former employees in Wells Fargo's bank branches said in interviews that nothing would improve until the bank renounced the corporate culture where Mr. Sloan was groomed...

"I don't see that happening unless they get rid of all the top corporate executives," said Julie Miller, who worked at Wells Fargo for eight years in Allentown, Pa., until being fired in 2013 for not meeting her sales goals. "They all created the bank's culture of leading by fear and intimidation."