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Senator poses hazard to new Wells Fargo CEO

Wells Fargo CEO John Stumpf is out

Elizabeth Warren competence have been happy to see a remarkable abdication of former Wells Fargo CEO John Stumpf final week. But that doesn’t meant she’s a fan of a new boss.

Warren, who famously called Stumpf “gutless” while observant he should resign, now wants to know either new Wells Fargo (WFC) CEO Tim Sloan was wakeful of a bank’s fake criticism scandal. And if he was, what did a longtime Wells Fargo exec do about it?

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The Massachusetts senator asked these questions in a minute she dismissed off on Thursday to Stephen Sanger, a new authority of Wells Fargo’s board.

Sloan was named CEO after Stumpf stepped down amid heated inspection over a origination of as many as 2 million feign accounts.

“A abdication alone is not adequate to assure correct burden during Wells Fargo,” Warren and New Jersey Senator Bob Menendez wrote in a letter.

Sloan has had a 29-year career during Wells Fargo, though most of that was not during the company’s sell bank, where a problems occurred. Only given Nov 2015 did Sloan manage village banking in his purpose as boss and arch handling officer. Sloan also did stints as arch financial officer and arch executive officer.

Warren wants Wells Fargo to explain if Sloan “played any purpose in a scandal.” She also wants to know if a house deliberate employing anyone else.

Related: Letter warned Wells Fargo in 2007

Wells Fargo did not respond to a ask for comment.

However, a orator for a company’s eccentric directors expelled a matter to CNNMoney that pronounced they “take these issues seriously.” The directors betrothed that a ongoing review launched by a house will “follow a contribution wherever they lead.”

The house also addressed a concerns about Sloan, observant it has “great confidence” in his caring and joining to creation certain “this control does not start again.”

Jaret Seiberg, a Cowen Co. analyst, sees a minute from Warren as a “threat to Mr. Sloan’s destiny as CEO” and called it a “make or mangle moment.” The key, Seiberg wrote in a investigate report, will be either Sloan can remonstrate lawmakers he did not “tacitly condone” bootleg activity.

Not surprisingly, Warren believes Stumpf’s retirement was “entirely appropriate,” due to a “scope of indiscretion on his watch.”

But Warren is holding emanate with a roughly $130 million of Wells Fargo shares and other payouts Stumpf is set to travel divided with. That happening reflects batch he amassed during his 3 decades during a bank as good as other payouts. Stumpf did pledge $41 million in batch awards after a liaison broke.

Related: Sign adult for CNNMoney’s morning marketplace newsletter: Before The Bell

Warren also forked to supervision filings that prove Stump could measure advantages of $200,000 and a personal motorist over a subsequent dual years if he stays on as a “consultant.”

That’s to contend zero of a $200 million Warren has estimated Stumpf done during a years Wells Fargo has certified a feign criticism liaison was holding place.

In response to Warren’s letter, a house reiterated to CNNMoney it is prepared to “take additional actions” if they are “warranted” by a commentary of a investigation. The house pronounced that includes intensity clawbacks of remuneration already paid out.

The questions about Stumpf’s compensate come amid new questions about when he was initial alerted to a scandal. CNNMoney performed a 2007 minute addressed to Stumpf that warned of widespread “unethical (and illegal) activity” inside Wells Fargo, including a “routine deception” of customers.

Warren asked for a created response from Wells Fargo by Oct 27 and a lecture no after than Nov 3.

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