Wells Fargo (WFC) CEO Stumpf to Retire; Successor Elected
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Evercore Positive on Wells Fargo (WFC) CEO Transition; Says Sales Practice Issue Seems 'Manageable'
October 13, 2016 6:27 AM EDTEvercore ISI affirms Wells Fargo (NYSE: WFC) at Buy with a price target of $51 after the company announced the retirement of CEO John Stumpf late Wednesday.
The firm noted the following:
Positive for the stock, and the bank. The announcement, in our view, is a positive in that it signals the Board's acknowledgment of the severity of the sales practice issue and its commitment to addressing the required changes, while preserving Wells' still-solid... MoreUPDATE: Wells Fargo's (WFC) Stumpf to Retire as Chairman and CEO - DJ
October 12, 2016 5:01 PM EDT(Updated - October 12, 2016 5:05 PM EDT)
Wells Fargo's (NYSE: WFC) embattled Chairman and CEO John Stumpf will retire and step down effective immediately, according to Dow Jones, citing sources. The report said President and COO Tim Sloan will takeover as CEO.
... MoreWells Fargo faces costly overhaul of bankrupt sales culture
October 12, 2016 1:16 AM EDTBy Dan Freed and E. Scott Reckard
(Reuters) - Embroiled in a scandal over unauthorized customer accounts, Wells Fargo & Co (NYSE: WFC) faces a steep challenge in overhauling its hard-charging sales culture without gutting profits.
Until recently, Wells staffers labored under ambitious quotas while executives boasted to Wall Street about cross-selling each customer multiple accounts.
That system collapsed with revelations that thousands of employees opened as many as 2 million accounts without customer permission, leading to a $185 million fine in September. But the problems ahead extend far beyond regulatory penalties, investigations and lawsuits.
... MoreWells Fargo faces costly overhaul of bankrupt sales culture
October 12, 2016 1:16 AM EDTBy Dan Freed and E. Scott Reckard
(Reuters) - Embroiled in a scandal over unauthorized customer accounts, Wells Fargo & Co (NYSE: WFC) faces a steep challenge in overhauling its hard-charging sales culture without gutting profits.
Until recently, Wells staffers labored under ambitious quotas while executives boasted to Wall Street about cross-selling each customer multiple accounts.
That system collapsed with revelations that thousands of employees opened as many as 2 million accounts without customer permission, leading to a $185 million fine in September. But the problems ahead extend far beyond regulatory penalties, investigations and lawsuits.
... More
