Skip to main content

It Will Now Take Two People Looking The Other Way To Screw Up Wells Fargo

Now they've fixed it!

Empowering John Stumpf to oversee the bank's culture of down-home American integrity didn't work out great, so the rambling wreck that was once the proud Wells Fargo stagecoach will now be driven by two cowpokes instead of one.

Wells Fargo.Insane

Wells Fargo has changed its boardroom rules to require the roles of chief executive and chairman be kept separate, adding to pressure on other US banks to end the contentious practice of combining the top jobs.The bank, which has been in the spotlight for months over sales malpractice in its branches, had prised apart the two positions when John Stumpf quit suddenly in October. He was replaced by Tim Sloan as chief executive and Stephen Sanger as chairman.
On Thursday, however, Wells went further — saying it had with immediate effect amended the company’s bylaws to mandate the split. The move comes after pressure from shareholders, including state treasurers in Illinois and Connecticut.

Considering that what ails Wells seems to have infected a good majority of the bank's operations, this decision appears to have less to do with day-to-day repairs of Wells Fargo and more to do with the new regime's subtlety-free campaign to convince America that they're still the good guys. After all, they've tried boring commercials, saccharine holiday commercials, ritual cleansing of some senior people and maybe even decided to engage with pipeline protestors up in North Dakota. And it seems like all of that might end up being as bullshitty as it looks!

Basically, Wells Fargo is waist deep into the making amends portion of its recovery, and apparently the next step is throwing passive-aggressive shade at Jamie, Lloyd and BriMo by implying to the world of finance that creating CEO/Chairmen hybrids is something that naughty banks do.

Whether the other large banks start to follow suit is still up in the air, but we have a rather hard time imagining any reality in which JPMorgan does something because Wells Fargo did it.

Wells Fargo splits chairman and CEO roles after investor pressure [FT]



Wells Fargo Board Debases Tim Sloan By Forcing Him To Buy $2 Million Of Wells Fargo Stock

So, The Stagecoach has reached the S&M stage of its renaissance.

Wells Fargo.Insane

Wells Fargo Trading Up On The Not-So-Soft Bigotry Of Extremely Low Expectations

Investors seem psyched that Wells even got out of bed today.

Wells Fargo.Insane

Wells Fargo Announces Plan To Just Start Firing People Until The Bloodlust Of Its Customers Is Sated

Tim Sloan seeks "efficiency," and he'll do whatever it takes to find it.

Wells Fargo.Insane

Wells Fargo Proves That It Can Do Bad All By Itself

The embattled lender just redefined the financial definition of embarrassment.

Wells Fargo.Insane

Wells Fargo Shareholders Set To Punish Board Of Directors By Re-Electing Them To Serve On At Wells Fargo

This year's Wells Fargo shareholder meeting is going about as well as you'd expect.

Wells Fargo Bless this Mess

Wells Fargo Considering Just Admitting That No One Wants To Be CEO Of Wells Fargo

The Stagecoach is about to just give up and let its lawyer run the place.

Zames Chavez Wells Fargo

Imaginary Wells Fargo CEO Shortlist Down To Marty Chavez And Matt Zames

Now that Harvey Schwartz has turned The Stagecoach down allow us to take the reins of this job search.