New Wells Fargo Boss Looks A Little Too Much Like Old Boss To Some People

Even Wells Fargo's website thinks Tim Sloan and John Stumpf are hard to tell apart.
Author:
Updated:
Original:

What Wells Fargo arguably needed in the aftermath of its recent unpleasantnesses and difficulties was a clean break and a clear sign that things would be different. What it got was a slightly earlier promotion for the guy who was going to take over one day anyway and the replacement of John Stumpf’s “5,300 bad apples” theory with the similar if somewhat more targeted “two bad apples” theory. This is not going over terribly well.

Stumpfy

“There’s something wrong with Wells on a cultural basis and you’d think they’d need to bring in an outsider to fix it,” said Paul Miller, an analyst with FBR Capital Markets….

“It’s very difficult for anyone within that organization to make a change,” Klepper said. “The last thing they might sense is the water they’re swimming in….”

The bank did separate the roles of chairman and chief executive following Stumpf’s departure, with Stephen Sanger, the board’s lead director, chosen as chairman.

But the bank did not announce any new faces to its board, which has some of the longest-tenured members among major U.S. banks.

Should the bank decide to go looking for some of that new blood that the Wall Street vampires demand, perhaps it can start with its webmaster.

Former Chairman and CEO John Stumpf, who resigned Wednesday from his dual roles, is still featured prominently on the bank’s “Leadership and Governance” page as of Friday evening.

He is still listed as the chairman and chief executive officer of its “Executive Officers” list.

And he is still listed as chairman and CEO under the board of directors list.

Wells Fargo’s Lack of New Leadership Casts Doubt Over Its Plan for Change [Fortune]
Wells Fargo’s Website Needs a Bit of Maintenance [WSJ]

Related

The last chairman AND CEO of Wells Fargo?

Wells Fargo Thisclose To Wrapping Up Internal Investigation By Offering Angry Customers 5 Minutes Alone With A Naked And Chained John Stumpf

After internal investigation, Wells Fargo relieved to see that it already fired all the bad people.

Stumpfy

John Stumpf Gives Wells Fargo $41 Million As Down Payment On His Own Job

John Stumpf's clawback is both substantial and cravenly weak.

Bonus Watch ’14: Wells Fargo CEOs

John Stumpf got some stock.

The last chairman AND CEO of Wells Fargo?

Wells Fargo's Stumpf Succession Plan Is Also An Elaborate Trolling Of Elizabeth Warren

"Do we have a guy maybe MORE tarred than Stumpf? Promote him!"

wells-fargo-sloan

Lacking Anything Better To Do, Wells Fargo Execs To Study Employee Culture

Tim Sloan still trying to figure out what drove all those employees to recklessly pursue arbitrary sales goals.