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Wells Fargo Finds ‘Fresh Blood’ to Close Era of Consumer Abuses

  • Bank hiring outsiders to lead the way as it buffs reputation
  • It’s a shift away from longtime habit of developing talent
Pedestrians pass in front of a Wells Fargo & Co. bank branch at night in New York.
Photographer: Craig Warga/Bloomberg

Wells Fargo & Co. has jettisoned a longtime strategy of growing its own leaders in favor of importing them as part of the effort to clean up its image.

The San Francisco-based firm hired Steve Troutner -- a veteran of Citigroup Inc., Bank of America Corp. and Wachovia -- to lead the community bank’s U.S. Western region. And it brought in Nyron Latif from Goldman Sachs Group Inc. as the head of operations for Jon Weiss’s wealth and investment-management unit. Both moves were announced this week.