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While Wells Fargo fights the scandal after the scandal after the scandal, speculation has centered on the job security of CEO Tim Sloan.
The most concrete indication that the board of the troubled bank considered making a change came on Wednesday.
The New York Post reported that Wells's board members had approached Gary Cohn, formerly of Goldman Sachs and Trump White House, about the CEO position earlier this year. Cohn rejected them, according to the Post.
Wells Fargo quickly rebuffed the article, which relied on anonymous sources.
Gary Cohn, left, denied being in discussion with the Wells Fargo board about replacing Tim Sloan as CEO. Bloomberg News
"The affirmations of this story are inaccurate; Tim Sloan has the full support of the Wells Fargo board, "Bank spokeswoman Arati Randolph said in an email.
She refused to elaborate on specific claims that the Post has had.
Cohn denied the Post that he was currently in talks with Wells Fargo, but the article did not include any comment from the senior banker about whether he had ever been approached to become the next CEO of the bank. society.
If we believe the publication, Cohn has met with Wells' board of directors at least once, and this meeting was held around March or April of this year. The timing suggests that board members have seen potential for Sloan even before the bank's most recent regulatory problems have appeared in public view.
On April 20, Wells agreed to pay a $ 1 billion fine for investigations related to its mortgage and auto loan business.
Also at the end of April, the San Francisco bank would have been able to maintain the rebates on the fees it should have paid to a public pension fund in Chattanooga, Tennessee.
On May 10, Wells Fargo announced that it was preparing to operate under a regulatory ceiling for asset growth until early 2019, rather than the fall of this year, as previously planned.
A week later, a report indicated that Wells Fargo bankers had falsified information such as birthdays and social security numbers on documents intended for commercial clients in order to meet a regulatory deadline. This case would now be under investigation by the Ministry of Justice.
And the list continues.
On July 19, Wells revealed that he was working with his regulators to look at complementary products, such as identity theft protection, that he sold to customers. The bank said it would provide refunds if the review revealed problems.
Eight days later, whistleblowers made allegations of irregularities in the bank's wealth management business.
Last month, the bank admitted that it had been seized by mistake on hundreds of homeowners over a period of five years. Wells also unveiled a Justice Department investigation into the treatment of tax credits for low-income housing projects.
If Sloan was already on the ice in the spring, his position could be even more precarious today.
However, any decision to dismiss a CEO should be considered in the context of who will be the successor. Wells has long been supportive of the promotion of the interior, so it is noteworthy that Cohn, who has never worked for the company in trouble, would have been contacted for this job.
In a public address, Wells Chair Elizabeth "Betsy" Duke supported Sloan, who joined the bank in 1987 and took office as CEO shortly after the bank scandal. 2016.
"I think Tim's time with the company is a benefit and his commitment to change is unwavering," Duke said at the annual Wells Fargo meeting on April 24.
What is being said behind closed doors may be different.
Kevin Wack
United States Kevin Wack is a California journalist for American Banker who covers the consumer credit industry in the United States.
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