The most obvious approach would be to make Wells Fargo into a leading tech-focused consumer bank
has reinvented itself before. In a vault beneath the bank’s headquarters in San Francisco is an archive of papers and objects from the 1860s, when the company’s stagecoaches criss-crossed America delivering packages. Advertising posters tout the security of their wagons, thanks to the sharp-shooting skills of the marksmen that accompanied them.
Mr Scharf has much to do. Investors say working with regulators to lift the consent order is their priority. But the harder task is working out what comes after that. But Wells has been firefighting since. Meanwhile JPMorgan, its biggest rival, has bounded ahead. Its balance-sheet has grown by nearly 10% since the end of 2017 , while Wells has gone nowhere. As big banks are barred by regulators from acquiring smaller ones, growth has been organic. JPMorgan expanded its branch network, gaining market share in places that Wells has traditionally dominated, such as Denver in Colorado.
All this means a more fluid competitive landscape. Mr Scharf will soon need to decide what kind of bank Wells should be. His rivals’ strategies show that he has several options. Wells could try to go global, like Citi. It could shoot for a wealthier clientele, like Morgan Stanley, or bulk up in investment banking, like JPMorgan. But the most obvious approach for Mr Scharf is to double down and aspire to make Wells a leading tech-focused consumer bank.
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