Help wanted: New CEO for Wells Fargo. Must be good with regulators, politicians, media. Tech experience a plus. Must be willing to relocate to West Coast.
Tim Sloan is out at Wells Fargo, setting off a rare event when it comes to big American banks: An external search for a CEO.
The last time an American megabank entertained outside leadership was when Bank of America's Ken Lewis abruptly announced he would resign during the financial crisis. That job eventually went to an internal candidate, Brian Moynihan. The first place to look, according to industry watchers, is at rival J.P. Morgan. The biggest U.S. bank by assets has been a training ground for CEOs, helping seed Barclays, Standard Chartered, Visa and First Data with their leaders.
Management changes atop Goldman Sachs have also made two executives available for the position. Gary Cohn and Harvey Schwartz have both reportedly been considered as potential candidates, though Wells Fargo has pushed back on those reports. That dynamic scuttled European rainmaker Andrea Orcel's plan to join Banco Santander as CEO earlier this year. Santander pulled his offer after saying it didn't want to pay him $50 million in deferred compensation for leaving his former employer, UBS.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Goldman exec Harvey Schwartz is not interested in Wells Fargo CEO jobContrary to reports, the former president and co-chief operating officer at Goldman has not interviewed for the Wells position.
Read more »
Wells Fargo CEO Tim Sloan retiring, shares jump
Read more »
Wells Fargo CEO Tim Sloan is retiring, and shares jumpSloan had been made CEO to clean up the bank's fake accounts scandal. But in the end, Wells Fargo's problems overwhelmed him.
Read more »
Wells Fargo CEO Sloan steps down after rocky tenureNEW YORK (AP) — Wells Fargo Chief Executive Tim Sloan is stepping down, effective immediately, after less than four years on the job during which the troubled bank dealt with a seemingly unending...
Read more »
Wells Fargo CEO Tim Sloan steps down suddenlyJUST IN: Wells Fargo has announced the sudden retirement of CEO Tim Sloan as the bank struggles to overcome a litany of scandals
Read more »
Wells Fargo CEO Timothy Sloan Will Step DownWells Fargo said CEO Timothy Sloan will step down immediately and retire from the company June 30; the bank's general counsel will be interim CEO
Read more »
Wells Fargo CEO Tim Sloan to step down immediatelyTim Sloan, a 31-year veteran of the company, has spent years apologizing for the bank’s bad behavior and attempting to rebuild its reputation with customers, regulators and lawmakers. That was not enough for the bank's critics.
Read more »
Wells Fargo CEO Out, Stock RisesThe CEO of Wells Fargo is stepping aside as a massive phony account scandal continues to plague the bank
Read more »
Wells Fargo CEO Tim Sloan steps downWells Fargo & Co said on Thursday Tim Sloan will resign immediately as its chief...
Read more »