Wells Fargo adds more external bankers to top ranks

Wells Fargo adds more external bankers to top ranks
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Wells Fargo & Co said on Monday Scott Powell will become chief operating officer, the second external recruit to join the top ranks since Chief Executive Charles Scharf took over six weeks ago.

Powell, who worked with Scharf at Bank One and then JPMorgan Chase & Co, most recently was chief executive officer of Santander Holdings USA Inc, as well as of Santander Consumer USA Holdings Inc.

Starting Dec. 9, Powell will focus on Wells Fargo’s relationships with regulators, which have been strained since the bank became tangled in a wide-ranging sales practices scandal in 2016.

The San Francisco-based bank is currently operating under more than a dozen regulatory consent orders, including an unprecedented growth restriction on its balance sheet from the Federal Reserve until the bank proves it has fixed its risk controls. Additionally, Wells Fargo faces federal probes by the Department of Justice, the Securities and Exchange Commision and the Department of Labor.

“I wouldn’t count on any quick wins,” Powell told Reuters by telephone. “This is tough stuff, but it’s all very doable over time.”

Powell receives a 3.2 million signing bonus and a 1.75 million salary.

Source: Reuters

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