Podcast Center
Video Center
Webcasts
Resource Center
Events
March 21, 2019 at 02:12 PM
The New York Post reported Thursday that members of the bank’s board are in talks with Harvey Schwartz to take over as CEO, citing unidentified people. The bank reiterated the statement of support for Sloan that it gave last year, when the Post said the board was talking with former Goldman Sachs president Gary Cohn.
“Rumors that Wells Fargo’s board of directors reached out to potential CEO candidates are completely false,” Betsy Duke, the bank’s chair, said in an emailed statement to Bloomberg. “Tim Sloan has the unanimous support of the board, and this support has never wavered.”
Scandals at Wells Fargo erupted in 2016 on the revelation that bank employees opened millions of potentially fake accounts to meet sales goals. Problems have since emerged in all business lines, prompting the Federal Reserve to ban Wells Fargo from growing assets beyond their end-of-2017 level until the bank cleans up to the regulator’s satisfaction.
