Exclusive: Wells Fargo taps headhunter Spencer Stuart to get CEO that is new

Exclusive: Wells Fargo taps headhunter Spencer Stuart to get CEO that is new NYC (Reuters) – Wells Fargo & Co’s board has retained search that is executive Spencer Stuart to look for a fresh leader, preferably a lady who are able to tackle its regulatory and general general general public perception problems, two different people knowledgeable about the problem stated. Wells Fargo’s aspiration to be the actual only real major U.S. bank with a lady CEO underscores the necessity to restore its image with a number of of constituents, including clients, investors, regulators and politicians, after it became mired in a scandal in 2016 for opening possibly an incredible number of unauthorized reports. Previous CEO Tim Sloan left suddenly final thirty days, becoming the 2nd CEO to keep the lender within the scandal’s fallout. The board intends to approach Citigroup Inc’s Latin America Jane that is chief Fraser among the sources stated. During Fraser’s 15-year tenure at Citigroup, she’s got gained experience operating customer and commercial organizations in addition to its personal bank. Fraser could never be instantly reached for remark. The board additionally talked about approaching JPMorgan Chase & Co’s Marianne Lake, but following the bank called her to run JPMorgan’s customer lending company last week, that option became less viable, the origin included. The board desires an individual who can persuade regulators, workers, investors and customers that the lender has fixed issues underpinning the product sales scandal, the sources said. The bank’s board feels that selecting a lady might please lawmakers in Washington who’ve been critical not merely of Wells Fargo’s misbehavior, but associated with the wider...
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