Timothy Sloan Replaces John Stumpf at Wells Fargo

Wells Fargo announced a leadership change with Tim Sloan replacing John Stumpf as CEO and Stephen Sanger becoming chairman. Laura Keller's interview with Sloan revealed that Stumpf's resignation was voluntary. Sloan's succession was planned, but the recent scandal involving unauthorized accounts has raised concerns about the bank's reputation and customer retention. Investors are particularly worried about the long-term impact on the bank's business, despite the relatively small fine imposed.

How did Tim Sloan's previous role prepare him for the CEO position?

What was the nature of the accounts created by Wells Fargo employees?