Wells Fargo’s new CEO?

The former CEO of Wells Fargo, Mr. Tim Sloan, resigned from the bank in March, 2019. Ever since then, there seems to be a recruiting problem at Wells Fargo.

Financial advisors at the bank are currently hoping to soon find a new CEO, one who will lead the bank out of the history of scandals and regulatory issues to a better, brighter future. However, the search seems not to be that easy.

According to Barrons, Wells Fargo has already reached to some top bankers, including the CEO of PNC Financial Services Group Inc, William Demchak, former U.S. Bancorp CEO Richard Davis and JPMorgan Chase & Co.’s consumer banking chief Gordon Smith.

Another interesting detail in the search of a CEO is also the role Warren Buffet plays. Berkshire Hathaway is the largest shareholder in the company, and as such can play a crucial role in deciding who the next CEO might be. Mr. Buffet has publicly expressed his “advice” that the next CEO should preferably not be a Wall Street banker.

According to Reuters, the bank may turn to one of its top chiefs, the interim CEO and general council of Wells Fargo, Mr. Allen Parker, its permanent CEO.

Whoever the new chief might be, his or her task will be a daunting one, especially considering the 2016 scandal, during which it became known that Wells Fargo employees opened fake bank accounts to meet certain sales quotas. The somehow broken reputation of the bank and the regulatory oversight it has faced will all be challenges for the new CEO of Wells Fargo.

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Wells Fargo's new CEO?

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