Wells Fargo & Co's plans to bring in an outsider as its next chief executiv...
- Wells Fargo & Co’s plans to bring in an outsider as its next chief executive could give the scandal-plagued bank a much needed fresh start, but a turnaround will not be easy for whoever takes the helm, analysts said.
More than two years after its wide-ranging sales practices scandal first came to light, Wells Fargo is still struggling to repair its reputation and relationship with U.S. regulators. Critics had accused Sloan, who was part of the management team while the wrongdoing was happening, of being too entrenched in Wells Fargo’s culture to change it.
Admissions by the bank that it opened potentially millions of unauthorized accounts and improperly charged customers for services have resulted in billions of dollars in fines and settlements since 2016. Sloan had told analysts in January that he expected the bank to operate under the cap through 2019. Wells Fargo executives did not provide new information about when they expected the Fed to lift the asset cap on Thursday.
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