Nation & World

Wells Fargo strives to move it past era of consumer abuses

Bloomberg

Tim Sloan, chief executive at Wells Fargo, speaks during an interview in San Francisco this past May.
Bloomberg Tim Sloan, chief executive at Wells Fargo, speaks during an interview in San Francisco this past May.

Wells Fargo has jettisoned a longtime strategy of growing its own leaders in favor of importing them as part of the effort to clean up its image.

The San Francisco-based bank hired Steve Troutner — a veteran of Citigroup, Bank of America and Wachovia — to lead the community bank’s U.S. Western region.

And it brought in Nyron Latif from Goldman Sachs as the head of operations for the wealth and investment-management unit.

Both moves were announced this week.

These are the latest in more than 10 big-ticket outside hires over the past two years as the bank works to prove to regulators, investors and the public that it has changed after a rash of consumer abuses came to light.

Until now, Wells Fargo had historically promoted from within.

“For their credibility and for their standing in customers’ eyes — in anyone’s eyes — it has to be fresh blood,” Jeanne Branthover, a managing partner at New York-based executive-search firm DHR International, said in an interview.

Earlier this month, the bank announced that Saul Van Beurden will join from JPMorgan Chase as the head of technology, landing him on the operating committee as a direct report to President and CEO Tim Sloan.

He joins chief risk officer Amanda Norton, general counsel Allen Parker and human resources head David Galloreese as the outside additions to the 10-person leadership team over the past two years.

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