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What’s the adapted lath allowance for a CEO’s two-year anniversary? If you’re Tim Sloan at Wells Fargo, the actual acknowledgment is a abbreviate leash.

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Sloan took over the CEO role in mid-October 2016, which agency the ceremony is this week. At the actual least, Sloan abominably underestimated the problems adverse his bank. But he’s additionally been apathetic to abode the issues that accept appear up back he took over, decidedly with regulators, and has yet to absolutely break them. And while Sloan affiliated a boxy job, two years in it’s adamantine to acquisition a distinct business metric that has improved.

Both loans and deposits are down. Earnings, too, are accepted to abatement 4% this year from the year back Sloan took the job, and that’s including an estimated $1.25 billion addition from this year’s accumulated tax cut.

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During the aforementioned period, the bank’s three capital rivals — Coffer of America, Citigroup and JPMorgan Chase — accept anniversary added loans and deposits. Earnings at the three banks are up an boilerplate of 27%. Shares of Wells Fargo — up 22%, including dividends, during Sloan’s administration — accept abominably trailed rivals, which accept alternate an boilerplate of 72% in the aforementioned period. (Wells Fargo’s shares were starting at a college appraisal than rivals.) In addition assurance of Wells Fargo’s troubles, its price-to-book ratio, which has been the accomplished of the big banks for abundant of the accomplished two decades, now trails JPMorgan’s.

Perhaps it’s not a abruptness that Wells Fargo would aisle rivals, accustomed the affected annual aspersion that swept Sloan into office. But Wells Fargo has additionally bootless to accommodated its own targets, set able-bodied afterwards administration was acquainted of the problems. Earlier this year, Wells Fargo predicted its acknowledgment on disinterestedness would acceleration as aerial as 15% in 2018. Instead, it is accepted to bore to 11.7%. Wells Fargo additionally predicted its acquirement would acceleration this year. Instead, analysts apprehend the bank’s sales to abatement 2%.

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But Sloan’s best audacious abortion has been averseness the bank’s interactions with regulators. Observers says Sloan in his aboriginal year on the job bootless to acknowledge to regulators, nor did he booty their investigations actively enough. By mid-2017, Wells Fargo’s top admiral had reportedly assertive themselves that they had apparent the bank’s authoritative problems. Back then, Wells Fargo has been hit with a accord adjustment from the Federal Reserve that banned how abundant it can grow, as able-bodied as a $1 billion accomplished from the Consumer Cyberbanking Protection Bureau. The Fed, in its accord order, cited Wells Fargo’s abortion to actual deficiencies that regulators had advanced acicular out to the coffer as a acumen the Fed went advanced with the accord order.

A Wells Fargo agent alleged Sloan’s abutment from the lath “unanimous” and unwavering. “In two years as CEO, Tim has apprenticed cogent transformational change at Wells Fargo, which is benefiting all stakeholders.” As signs of improvement, the agent acicular to a second-quarter presentation that showed a slight access in chump accounts in the accomplished year as able-bodied as an uptick in debit agenda transactions, neither of which is hasty in a growing economy.

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But the presentation additionally showed that chump adherence array accept alone this year. As for stering accident controls, at its May broker day, Wells Fargo appear a blueprint assuming that advance in authoritative acquiescence was one of the bank’s top priorities. But the bar blueprint was not labeled with numbers or a y-axis. What’s more, it showed that the coffer affairs to cut its advance in the breadth in 2018 and 2019. The 2017 bar is the tallest, but Wells Fargo has never appear what it invested in its accident administration systems in 2016, so it’s absurd to apperceive whether it invested added or beneath aftermost year. Its cyberbanking statements appearance an $800 actor access in 2017 on “regulatory and acquiescence accompanying matters,” but that includes spending on acknowledged fees and added professionals.

Sloan has said several times this year that those who anticipate he shouldn’t be CEO apperceive little about either Wells Fargo or what they are talking about.

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Sloan himself at times has seemed ill-informed, abnormally in his abounding “Mission Accomplished” moments. In July 2016, almost three months afore he got the top job, and as the coffer was negotiating a adjustment with the CFPB over the affected annual scandal, Sloan said in an account that he didn’t anticipate the coffer had a sales problem. In February, Sloan told Bloomberg Businessweek that there was not abundant larboard to fix at the bank. And in May, Wells Fargo launched an announcement attack advertence it was a “new day at Wells Fargo.”

Since then, the coffer has restructured its abundance administration analysis amidst an analysis into sales practices there. It appear that advisers in its bartering cyberbanking analysis ability accept break adapted applicant records. The coffer accursed a dozen advisers for falsifying amount letters and is investigating abounding others. It has additionally abeyant two advisers for their role in potentially cheating the federally adjourned low assets apartment tax acclaim program. The Department of Justice is investigating. On Tuesday, Joseph Otting, arch of the Appointment of the Comptroller of the Currency, said he wasn’t annoyed with Wells Fargo’s acknowledgment to problems in its auto-lending unit.

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As for assurance central Wells Fargo, UBS Global Research afresh appear a abstraction absolute that the bank’s all-embracing agent achievement account had beneath decidedly in the accomplished three months to the everyman it has been back 2015. The abstraction additionally begin that Sloan’s approval appraisement amid advisers was decidedly beneath that of CEOs at battling banks.

It’s fair to ask whether accustomed the calibration of its problems, two years is abundant time to adjudicator Sloan’s progress. But aftermost week, addition behemothic company, General Electric, which arguably has alike bigger problems than Wells Fargo, beatific its CEO John Flannery packing afterwards aloof 14 months.

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Sloan will anon accept 10 added months than that beneath his belt. It’s time for Wells Fargo’s lath and shareholders to appeal results.

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