The bank’s next chief will have to transform the bank's sales practices and get regulators and its 260,000 employees on board
New York/Washington — The day after former Wells Fargo CEO Tim Sloan told US legislators he was transforming the bank’s high-pressure culture, Federal Reserve officials met privately with bank employees.
While regulators occasionally meet consumer advocacy or industry groups, it is unusual for a Fed board member to meet an individual firm’s employees. It is not clear who asked for the meeting. Sloan’s struggles underscore the challenges faced by the bank’s next CEO. He or she will not only have to transform the bank and its sales practices, but also persuade regulators and its 260,000 employees that they have done so.
In December, Reuters reported that the Fed had rejected the bank’s initial remediation plan, putting it behind schedule. Days later, Federal Reserve chairman Jerome Powell told Congress the Fed would not lift the asset cap until it was satisfied that Wells Fargo had fixed its risk problems.An internal company-wide survey around that time also pointed to low morale, according to the Committee For Better Banks and other Wells Fargo employees.
“For years have been expressing their concerns and frustrations,” the employee wrote. “The only response are canned answers and talking points which we all know is baloney.”
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