NY (Reuters) – Wells Fargo & Co’s board has retained executive search firm Spencer Stuart to look for a fresh 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 sole major U.S. bank with a lady CEO underscores the necessity to restore its image with a number of of constituents, including clients, investors, regulators and politicians, after it became mired in a scandal in 2016 for starting possibly an incredible number of unauthorized records.
Previous CEO Tim Sloan left month that is abruptly last becoming the next CEO to keep the lender when you look at the scandal’s fallout.
The board intends to approach Citigroup Inc’s Latin America primary Jane Fraser, one of several sources stated. During Fraser’s 15-year tenure at Citigroup, she’s got gained experience operating customer and commercial businesses in addition to its personal 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 wants an individual who can persuade regulators, workers, investors and clients that the financial institution has fixed dilemmas underpinning the product sales scandal, the sources stated.
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 regarding the condition of privacy.