The crisis-plagued bank is struggling to find a new boss
relief—oops, I mean “regret”—that I must turn down your offer of the role of chief executive at Wells Fargo. Had you asked me four years ago I would have accepted. Back then Wells looked like a model bank, having come through the financial crisis unscathed by trading accidents or losses on toxic mortgages. Its retail arm was purring along—thanks, it seemed, to your employees’ brilliance in persuading people to open accounts.
And then there is the political climate. Wells has come to symbolise all that is wrong with corporate America. It is an easy target: not just a bank, but one that set out to con the little guy. As the Democratic Party has tilted left, barely a day passes without one of its presidential candidates taking a pop at the moneymen. And Wells is often first in their sights.will therefore have to do plenty of pandering to Congress.
If I may, a word of advice. You should broaden your search beyond banking. That said, I’d steer clear of tech people at present—they are even less popular than us. Perhaps an accountant would do the trick, though not one fromYour best-known shareholder, Warren Buffett, recently admitted that Wells did “crazy things”. I struggle to think of anything crazier right now than agreeing to take its reins while faced with a demoralised workforce, mistrustful regulators and a hostile Congress.
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