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 executive search company Spencer Stuart to search for a brand new leader, preferably a female who is able to tackle its regulatory and public perception problems, two different people knowledgeable about the situation stated.

Wells Fargo’s aspiration in order to become the only real 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 an incredible number of unauthorized records.

Former CEO Tim Sloan left suddenly final thirty days, becoming the 2nd CEO to keep the lender in 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 companies also its private 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 desires a person who can persuade regulators, workers, investors and clients that the lender has fixed issues underpinning the 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 too little gender and diversity equality, stated the sources, whom talked in the condition of anonymity. Continue reading “Exclusive: Wells Fargo taps headhunter Spencer Stuart to get CEO that is new”