Wells Fargo CEO Stumble Puts Bank in Familiar State of Disarray
- Search for Tim Sloan’s successor leaves ‘big question mark’
- Bank’s shares are worst performers since CEO’s announcement
An automatic teller machine is seen behind a fence at a Wells Fargo & Co. bank branch in Schaumburg, Illinois.
Photographer: Christopher Dilts/BloombergFor the past 30 months, the investor case for keeping Wells Fargo & Co. veteran Tim Sloan as chief executive officer was his steady hand. His abrupt departure last week is bringing more turmoil instead.
The bank, already under fire from regulators and lawmakers, is again caught flat-footed as it starts what could be a lengthy search for a new CEO. No formal talks with possible successors have begun and a recruiting firm had yet to be selected as of late Tuesday, a person familiar with the matter said. The San Francisco-based bank declined to comment on the process. One tally of supposed candidates lists more than two dozen men and women.