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Exclusive: Wells Fargo taps headhunter Spencer Stuart to locate CEO that is new

NYC (Reuters) – Wells Fargo & Co’s board has retained search that is executive Spencer Stuart to search for a brand new leader, preferably a female who are able to tackle its regulatory and general public perception dilemmas, a couple acquainted with the situation stated.

Wells Fargo’s aspiration to be really the only major U.S. bank with a lady CEO underscores the necessity to restore a wide range to its image 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 within the scandal’s fallout.

The board intends to approach Citigroup Inc’s Latin America Jane that is chief Fraser one of several sources stated. During Fraser’s 15-year tenure at Citigroup, she’s got gained experience operating customer and commercial companies in addition to its personal bank.

Fraser could never be instantly reached for comment.

The board additionally talked about approaching JPMorgan Chase & Co’s Marianne Lake, but following the bank called her to run JPMorgan’s consumer lending company a week ago, that option became less viable, the origin included. Read more »