Gillian Tan, Columnist

Wells Fargo's Rehab Requires a Change at the Top

The board could improve perceptions and set a different tone by replacing a CEO who is partially culpable for its various scandals.

February 4, 2018 at 1:00 PM UTC

Updated on

February 4, 2018 at 1:20 PM UTC

By Gillian Tan

Gillian Tan is a senior reporter covering finance and alternative asset classes including real estate, infrastructure, private equity, private credit, venture capital and sports business. She previously wrote an opinion column for Bloomberg and was a reporter at the Wall Street Journal. She is a qualified chartered accountant.

Wells Fargo & Co. Bank Branches Ahead Of Earnings Figures — Photographer: Craig Warga/Bloomberg

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Wells Fargo & Co.'s sins of the past are going to haunt it for a little longer.

Late Friday, on Janet Yellen's last day as Federal Reserve Chair, the regulator slapped the San Francisco-based lender with sanctions for poor governance, compliance and risk management relating to abusive sales practices that culminated in the creation of millions of fake accounts and inappropriate charging of auto-insurance and mortgage fees.