The bank indicated Tim Sloan did not do enough to resolve the regulatory problems it faced in the wake of its fake-accounts scandal.
The bank's Q1 earnings beat estimates but it reduced its net interest income guidance for 2019 to a 2% to 5% decline.
The bank will pay $575 million to resolve claims related to fake accounts and improper fees.
The bank's third-quarter results "reflect the transformational changes we've been making at Wells Fargo," CEO Tim Sloan says.
Bank executives point to progress in cost-cutting initiatives as evidence that Wells Fargo's turnaround effort is on track.
The bank is still struggling to put the fake-accounts scandal behind it, taking a $3.25 billion pre-tax expense for anticipated legal costs.
The beleaguered bank's shares fall 2.7% after it reports Q3 net income fell to $4.6 billion from $5.6 billion one year ago while EPS misses estimates.
The bank says it may have created up to 3.5 million accounts without customers’ authorization, well in excess of its previous 2.1 million estimate.
The bank reported net income was flat at $5.5 billion for the first quarter while revenue fell to $22 billion from $22.6 billion a year earlier.
The bank discloses another investigation of the sham-accounts scandal that has sparked customer outrage and a $185 million settlement.
