Wells Fargo CEO, a punching bag for Congress, makes abrupt exit

Wells Fargo CEO Tim Sloan, who spent much of his tenure telling Congress his 31 years at the bank made him the best choice to restore its battered reputation, admitted Thursday that it’s time for someone else to take over.

“While I am confident in my ability to effectively lead Wells Fargo through the work that remains to be done, it has become apparent that the focus on me has become a distraction,” Sloan said in a call discussing his immediate departure from the San Francisco-based lender’s top management role as well as its board. “It’s best for the company that I step aside.”