New York (CNN Business)Wells Fargo CEO Tim Sloan is stepping down effective immediately as the bank struggles to overcome a litany of scandals.

Sloan, a three-decade veteran of Wells Fargo (WFC), said it was his decision to relinquish control of Wells Fargo as a way to help the bank move forward. Wells Fargo's board pledged to find an outsider to replace Sloan, who plans to retire at the end of June.
The shake-up comes as Wells Fargo has faced repeated calls from politicians, including Senator Elizabeth Warren, to find new leadership to fix its broken culture. And regulators have continued to keep Wells Fargo in the penalty box for its misdeeds.
"I have decided it is best for the company that I step aside," Sloan said in a statement.
Wells Fargo tapped C. Allen Parker, its general counsel, to take over on an interim basis.
Sloan, who became CEO in 2016 in the midst of a national backlash over Wells Fargo's fake-accounts scandal, said the bank has made progress in some areas but still has more work to do.

Wells Fargo CEO Tim Sloan's pay rose to $18.4 million last year
"It has become apparent to me" that Wells Fargo will "benefit from a new CEO and fresh perspective," Sloan said.
'About damn time'
Wall Street seems to agree. Wells Fargo's shares rose 3% in after-hours trading following the news.
"About damn time," Warren tweeted on Thursday following the news of Sloan's exit. "He enabled Wells Fargo's massive fake accounts scam, got rich off it, & then helped cover it up."
Warren, a Democratic presidential candidate, urged the SEC and Justice Department to investigate Sloan for his role in Wells Fargo's problems. "And if he's guilty of any crimes," she said, "he should be put in jail like anyone else."
Wells Fargo's statement made no reference to wrongdoing by Sloan.
The board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."

Wells Fargo's scandals didn't just cause political headaches. The bank's financial results were hurt by Wells Fargo's tarnished reputation and soaring legal fees. And Wells Fargo's stock closed on Thursday 1.4% below its pre-scandal level. By comparison, the S&P 500 has soared 29% over that span and rival bank Bank of America (BAC)has spiked 74%.
Wells Fargo shocked the banking industry in September 2016 when it admitted to firing 5,300 workers over several years for opening millions of fake accounts. The news forced the ouster of longtime CEO John Stumpf and led to hearings in Congress.

Beyond the fake-accounts scandal, Wells Fargo has admitted to charging thousands of borrowers for auto insurance they didn't need and hundreds of homebuyers mortgage fees they didn't deserve. Last year, Wells Fargo said about 545 homeowners lost their homes due to an apparent software glitch with the bank's loan modification process.
The Federal Reserve, citing "widespread consumer abuses," slammed Wells Fargo in early 2018 with unprecedented sanctions that prevent the bank from growing until it cleans up its act. The asset cap has remained in place longer than anticipated because the Fed is unsatisfied with Wells Fargo's fixes.
Laundry list of scandals
While Wells Fargo took steps to fix itself, including replacing senior executives and eliminating its controversial sales goals, new problems continued to emerge.
'I begged them for help': Wells Fargo foreclosure nightmare
'I begged them for help': Wells Fargo foreclosure nightmare
Beyond the fake-accounts scandal, Wells Fargo has admitted to charging thousands of borrowers for auto insurance they didn't need and hundreds of homebuyers mortgage fees they didn't deserve. Last year, Wells Fargo said about 545 homeowners lost their homes due to an apparent software glitch with the bank's loan modification process.
The Federal Reserve, citing "widespread consumer abuses," slammed Wells Fargo in early 2018 with unprecedented sanctions that prevent the bank from growing until it cleans up its act. The asset cap has remained in place longer than anticipated because the Fed is unsatisfied with Wells Fargo's fixes.
'Mr. Inside'
Sloan was always an odd choice to lead sweeping change at Wells Fargo because of his long roots at the bank and within its culture.
Prior to becoming CEO, Sloan served as the bank's chief operating officer, where he oversaw the community banking division at the heart of the fake-accounts scandal. Sloan also oversaw the consumer lending division, where Wells Fargo's auto loan problems occurred.
"He was Mr. Inside," said William Klepper, a management professor at Columbia University. "If they wanted to make a clean cut, Sloan should have gone and they should have looked outside for a new leadership team."
Wells Fargo has now heeded calls to find an external candidate to replace Sloan.
"Although we have many talented executives within the company," Wells Fargo Chairwoman Elizabeth Duke said, "the board has concluded that seeking someone from the outside is the most effective way to complete the transformation at Wells Fargo."
Duke, a former Federal Reserve official, credited Sloan with serving Wells Fargo "with pride and dedication" and for working "tirelessly" as CEO.

The package of the tax bill, which will cut the operating taxes of large-scale national mining companies, has a negative impacts such as tax inequality, among local companies, and lacks the fundamental policy reforms to support small and medium-sized enterprises, according to some officials.

The Parliament ratified the revised Tax Law independently and its accompanying bills at its session last Friday. It is believed that the bill will create room for tax evasions among foreign corporations. Also, it reduced the tax rate of foreign corporations that have subsidiaries and representative offices in Mongolia from 20 percent to 5-10 percent. Thus, it will allow foreign companies to dominate.

Mongolian National Chamber of Commerce and Industry’s (MNCCI) standpoint should not be ignored. The new President of Chamber Amartuvshin Otgondavaa has urged to reject the draft law, which is related to the social and economic development of Mongolia. He suggested the Parliament to postpone the discussion to the spring session next month. He also expressed his intention to suggest the President to veto the bill if they pass it.

He said, “A new tax law provides tax inspectors the right to penalize. As the penalty amount increases, corruption and greed will settle. The compensation for sealing tax debt was tightened. In doing so, tax inspectors have the risk of confiscating vehicles without a court's decision. In the auction, the price tax is set by a tax inspector. This is a serious indication.

“If the tax payables of an individual reaches over MNT 20 million, the person will be forbidden to leave the country. This article appears to be applied to foreigners, and discriminates against investors. If a problem arises, the court must settle it.”

As stated by the Minister of Finance Khurelbaatar Chimed, “We need to align our tax laws with international standards. The UN added Mongolia in their financial blacklist in 2017 due to the fact that Mongolia’s Tax Law allows money laundry and tax evasions, and does not comply with international standards. The Global Forum, the BEPS International fundamental principles, such as reducing base taxes and transferring profits, have been included in the tax package. The importance is to solve the activities of creating a legal environment for multinational companies to set up a direct branch in Mongolia and lowering their taxes.

The Former President of MNCCI Mr. Lkhagvasuren expressed that the package is expected to grow the economy, which is the key feature. The 27-year tax system has been putting a lot of pressure on the business community. The second feature of the tax package is that the registration and the financial statements process will be simplified. The third feature is the aim to enable companies to improve. 90 percent of 157,000 Mongolian companies today have only 1-9 workers. When we look at the process of 27 years, we are living in an environment where companies are unable to grow.