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.
“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.