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Wells Fargo CEO Tim Sloan replaced management, tightened internal controls and oversaw a marketing campaign aimed at restoring the corporate image devastated by the scandal. He probably has enough on his plate without having to wonder if his job is safe.
But Wells stock price has lagged behind other banks – so Wall Street has been boiling this week after the New York Post announced that Gary Cohn, former president of Goldman Sachs and White House economic advisor, had recruited members. On Wednesday, Wells Fargo President Elizabeth Duke intervened to defend Sloan.
"CEO Tim Sloan has the unanimous support of the Board of Directors, and this support has never wavered," Duke said in a statement to reporters.
The gesture could support Sloan as he prepares to reduce the company's spending. He announced Thursday that Wells would reduce its workforce by 10% within three years. The company did not specify where these cuts would fall, but the leaders have already indicated that the wealth management unit was a target. In June, we wrote that Wells was seeking to eliminate 1,000 jobs by attrition and to cut a hundred or so regional directors.
In the same vein, Wells told employees last month that he would absorb his 3,500 bank-based financial advisors in his traditional communications channel as part of a wholesale cost reduction plan. .
Burt Reynolds draws attention to the trusts. There is a whole new kind of news about celebrities who have died with their succession plans in the mess. It was therefore good to learn that the late Burt Reynolds was apparently an exception. The Hollywood legend, who died earlier this month, appears to have placed all of her estate in trust and turned it over to a niece. One of the great advantages of trusts over wills is that the terms of a trust are private. We may never learn the extent of Reynold's assets, the names of the beneficiaries, and so on. Trusts can also provide creditor protection, and Reynolds was known to have money problems later in life. The rich can also withdraw property from an estate and protect them from taxes by placing them in a trust.
Release and accelerate. Contributors from our Coaches Corner shared this week two tips to explore.
Steve Lockshin, a former leading national independent advisor for Barron – and a technology enthusiast – wants the practices of his advisors to focus on Slack, the messaging tool for teams. "Slack is an alternative to email, which has not changed much in nearly three decades," writes Lockshin. "An internal chat solution, Slack organizes communication in a more thoughtful way; It also integrates with all the tools that businesses use to speed up workflow and communication. "
And Ani Yessaillian, a strategic marketing expert, explained how to use your not-so-well-known CRM technology as a tool to leverage customers' personal information and use it to drive asset growth. "It's your secret weapon to provide exceptional experiences that can translate into profits through a larger share of the portfolio and referrals, while gaining efficiency," she writes.
Goodbye, big bull. Finally, investors have been trading the stock markets for more than nine years, thanks to massive cash injections from central bankers. But the "big bull" may have run its course, said Michael Hartnett, chief investment strategist at Bank of America Merrill Lynch. Slower economic growth, rising interest rates and higher debt are all factors, but the reversal of the situation is largely due to the withdrawal of the punch bowl from the Federal Reserve. "The Fed is currently going through a tightening cycle, ignoring structural deflation, focusing on cyclical inflation," wrote Hartnett. "Until the Fed's bullish cycle ends, we believe that absolute returns on financial assets will remain thin and volatile."
Have a good weekend everyone.
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