Wells Fargo's search for a permanent CEO lasted over 100 days, as many top candidates turned down the opportunity:
Wells Fargo reportedly approached a group of potential candidates including Chase Cochief Operating Officer Gordon Smith, PNC CEO William Demchak, and former US Bancorp chief Richard Davis, who all passed. Other execs in the running included Cathy Bessant, head of technology and operations at BofA, as well as Goldman Sachs' former president Gary Cohn.
The appointment of a new CEO could mark a turning point for Wells Fargo, as new leadership could influence its ability to earn regulatory approval and improve public perception. Wells Fargo is currently subject to regulatory growth restrictions imposed last year. The Federal Reserve a cap on the bank's growth, citing risk-management deficiencies — an unprecedented move by the authority.
But Wells Fargo has been working to restore its image among customers and stakeholders. The firm has been trying to recover through efforts like its 2018 "Re-Established" marketing
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