https://www.bloomberg.com/news/articles/2019-03-2…
There are others reporting the same thing, primarily stemming from the NY Post. For context, Schwartz was previously the co-COO for Goldman. WFC denied the story pretty heavy handedly but you have to think that the rumors don't start from nothing.
Additionally, what are your thoughts on Tim Sloan? As far as I'm concerned, I feel that he's doing as good as can be expected with the hand that was dealt to him. He handled the congressional beating well, not getting flustered or sending contradicting messaging. His job is/was to effect change and while it's a slow process (as expected), changes have been put in place. Time will tell the effectiveness of the changes but I assume/hope that WFC mgmt will be quicker to react to ripples in the future, if only to avoid public floggings.
*Schwartz** - I'll pay the $2 fine
Nope. I've been wrong before, but hiring an ex-GS exec would not send the right message. I imagine the next CEO would be Mary Mack who has a retail focus and would promote the right corporate image.
WFB has always been a retail, middle market bank and only entered the IB field with the Wachovia acquisition. The only purpose for the IB group is to cross-sell middle market customers, not to be at the top of the league tables.
True. I can get behind the "back to basics" approach of growing the retail and middle market bank with the idea of stick to what you're good at. I wonder how the Mack move would play out in the court of public opinion. I would think promoting from within would be frowned upon, favoring an outside shake up to put an end to the "corruption and dissent" in the WFC ranks.
However, I remember WFC announcing a GS hire to an executive position not too long ago. I tried googling but it's cluttered with Schwartz rumors right now. I assume they'll maintain/slowly grow the IB side primarily to have access to capital markets as a value add for existing clients and prospects.
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