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In the wake of a new edict from Washington, the San Francisco bank must decide whether to discontinue the controversial consumer loan product.
January 14 -
He has blanketed the eastern half of the country with Wells Fargo branches, kept earnings on an upward streak for 15 straight quarters and avoided many of the pitfalls of his big bank brethren. He may never be as outspoken as his predecessor (or even counterparts like JPMorgan Chase's Jamie Dimon), and his company may never be a perfect symbol of the small-town values he champions. But five years after the acquisition of Wachovia, Wells Fargo's chairman and CEO has fully come into his own.
November 21 -
Excerpts from an interview with John Stumpf, chairman and CEO of Wells Fargo, who sat down with us for the "Banker of the Year" profile featured in the December issue of American Banker Magazine.
November 21 -
Wells Fargo, the nation's largest mortgage lender, is exploring the sale of some servicing rights because the market is flush with potential buyers and it sees little opportunity to cross-sell many servicing clients.
September 10
Wells Fargo (WFC) is shuffling its senior executives, putting current Chief Financial Officer Timothy Sloan in charge of its wholesale banking business and promoting John Shrewsberry, its current securities head, to replace him.
Sloan, who is widely considered to be a potential successor to Chief Executive John Stumpf, will replace Dave Hoyt, who is retiring from the company at the end of June. Sloan and Shrewsberry will assume their new roles on May 15. (The San Francisco bank's annual meeting is April 29.)
Sloan, 53, has been CFO for three years, in which time he has become
Stumpf, 60, has
Before becoming chief administrative officer, Sloan spent 22 of his 26 years at Wells Fargo in its wholesale banking division. Now "as head of one of our largest and most important business segments, Tim will continue to be a significant contributor to our company, our strategy and our future," Stumpf said in the release.
Shrewsberry, 48, is getting a big promotion from the bank's securities division. He is a relative newcomer to Wells by the bank's standards, having only joined the company in 2001. (Hoyt is retiring after 32 years there, including 16 spent managing the wholesale business, Wells noted.) Shrewsberry previously worked for Goldman Sachs (GS) and Credit Suisse (CS).
Now he will become a senior executive vice president, reporting to Stumpf and joining the bank's operating committee. Stumpf praised Shrewsberry's "strong financial background spanning more than 20 years and his proven leadership ability" and his "deep understanding of our company's financial and business operations, as well as shareholder expectations."
None of the executives were available for interviews on Tuesday, a Wells spokeswoman said.