Wells Fargo's Sloan Signals He's Prepared to Stay Until He's 65
Posted today (14 hours ago)
Sep.21 -- Wells Fargo & Co. Chief Executive Officer Tim Sloan, commenting two days after the bank’s chairman batted back Wall Street whispers that the board is looking to replace him, said he’s prepared to keep running the company for much of the next decade. Bloomberg's Katherine Chiglinsky reports on "Bloomberg Markets: The Close."
Wells Fargo CEO Tim Sloan has replaced management, tightened internal controls and overseen a marketing campaign aimed at restoring the company’s scandal-tarred battered image. Late Wednesday, Wells Fargo chairwoman Elizabeth Duke stepped in to defend Sloan. “CEO Tim Sloan has the unanimous support of the board, and this support has never wavered,” Elizabeth Duke said in a statement to reporters.
Wells Fargo CEO Says He's Prepared to Stay Until He's 65
Posted today (14 hours ago)
Wells Fargo & Co. Chief Executive Officer Tim Sloan said he’s prepared to keep running the company for much of the next decade, as he shifts from two years of navigating crises to focusing on improving shareholder returns. “There’s growth opportunities everywhere,” Sloan, 58, said in an interview Friday, commenting just two days after the bank’s chairman batted back Wall Street whispers that the board is looking to replace him. Sloan is widely credited by analysts for taking tough steps in his nearly two years atop the firm to overhaul it in response to scandals -- installing a new management team, bolstering internal controls and retooling incentives for employees.
Wells Fargo announced it plans to cut up to 26,500 workers, about 10 percent of its workforce. The bank says it's streamlining operations, but some analysts disagree that's the primary reason for the cuts.
Wells Fargo is going backward with thousands of job cuts as JP Morgan and other banks boom
Posted today (22 hours ago)
The U.S. bank with the most employees has, until now, resisted deep job cuts, keeping headcount at about 265,000. That changed Thursday, when CEO Tim Sloan informed employees that as many as 26,500 positions will be eliminated.
& Co. is shrinking, even as rivals are in growth mode. The bank said Thursday that its head count would decline by 5% to 10% over the next three years, reflecting some natural attrition, and what it called “displacements,” or layoffs. Just last week, Wells Fargo’s chief financial officer said business loans were likely to decline from their second-quarter level and acknowledged for the first time that reputational issues could be hurting the bank’s commercial lending operations.
Wells Fargo to cut headcount by 5-10 percent in next three years
As of June 30th, the nation’s fourth largest bank had roughly 264,500 employees, making a 10 percent reduction representative of about 26,450 jobs. Wells Fargo said the latest reduction would reflect displacements as well as normal team-member attrition. Wells Fargo has also said it will reduce its branch count by about 800 by 2020 and sell non-core businesses to lower costs and become more efficient. Last month the bank laid off 600 employees in its mortgage division which has faced headwinds amid a slowdown in refinancing demand.
Wells Fargo CEO calls reports of his pending departure 'just not true'
In an exclusive interview, Wells Fargo CEO Tim Sloan denied a report that the bank's board is seeking to replace him and explained why the company needs to reduce its headcount by as much as 10 percent in the next three years.
[$$] Wells Fargo to Cut Jobs Over Next Three Years
Wells Fargo & Co. plans to cut as many as 26,500 jobs over the next three years as it adjusts to changing consumer behavior and works to recover from a series of scandals that have gripped the bank for the past two years. The bank on Thursday said it expects head count to fall by about 5% to 10%, including layoffs as well as typical attrition. It is also under a Federal Reserve imposed asset cap, limiting its growth.