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

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

NYC (Reuters) – Wells Fargo & Co’s board has retained search that is executive Spencer Stuart to search for a brand new leader, preferably a female who are able to tackle its regulatory and general public perception dilemmas, a couple knowledgeable about the problem stated.

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

Previous CEO Tim Sloan left month that is abruptly last becoming the next CEO to keep the lender into the scandal’s fallout.

The board intends to approach Citigroup Inc’s Latin America primary Jane Fraser, among the sources stated. During Fraser’s 15-year tenure at Citigroup, she’s got gained experience operating customer and commercial organizations along with its private 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 a week ago, that option became less viable, the origin included. The board desires an individual who can persuade regulators, employees, investors and clients that the financial institution has fixed dilemmas underpinning the product 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 for the wider banking industry for too little variety and sex equality, stated the sources, whom talked in the condition of privacy. [Read more…]