Exclusive: Wells Fargo taps headhunter Spencer Stuart to get brand new CEO – sources

NYC (Reuters) – Wells Fargo & Co’s board has retained executive search company Spencer Stuart to look for a unique leader, ideally a female who is able to tackle its regulatory and public perception problems, a couple knowledgeable about the problem stated.

Wells Fargo’s aspiration to be the sole major U.S. bank with a lady CEO underscores the necessity to restore its image with a variety of constituents, including clients, investors, regulators and politicians, after it became mired in a scandal in 2016 for starting possibly scores of unauthorized records.

Previous CEO Tim Sloan left abruptly last thirty days, becoming the next CEO to keep the financial institution within the scandal’s fallout.

The board intends to approach Citigroup Inc’s Latin America main Jane Fraser, one of many sources stated. During Fraser’s 15-year tenure at Citigroup, she’s got gained experience operating customer and commercial companies in addition to its personal bank.

Fraser could never be instantly reached for remark.

The board additionally discussed approaching JPMorgan Chase & Co’s Marianne Lake, but following the bank known as her to run JPMorgan’s customer lending company the other day, that option became less viable, the origin included. The board wishes somebody who can persuade regulators, employees, investors and customers that the financial institution has fixed dilemmas underpinning the product product sales scandal, the sources stated.

The bank’s board feels that selecting a female might please lawmakers in Washington who’ve been critical not just of Wells Fargo’s misbehavior, but associated with the wider banking industry for deficiencies in gender and diversity equality, stated the sources, whom talked from the condition of privacy. Exclusive: Wells Fargo taps headhunter Spencer Stuart to get brand new CEO – sources weiterlesen

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