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Gillian Tan

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.
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.