Top Hedge Fund News, Member Posts, Hedge Fund Daily Indices and more!

4yrs ago Hedge Fund dealbreaker Views: 283

Anybody want to make millions running a $207B megabank?...No?...Ok, then.

We can't say that we didn't call this one.

Per WSJ:

Wells Fargo & Co. is having trouble getting top bankers interested in its open chief executive officer job.

The bank’s board has approached a small group of top candidates, including JPMorgan Chase & Co. consumer banking chief Gordon Smith, PNC Financial Services Group Inc. CEO William Demchak and former U.S. Bancorp chief Richard Davis, according to people familiar with the matter. Messrs. Demchak and Davis took a pass on potentially replacing Timothy Sloan, who resigned in late March, the people said.

Aside from being all dudes, this list is hardly a Who's Who of big-time bank talent. Davis isn't working in banking right now, he's the CEO of the Make-A-Wish Foundation, and it seems that being CEO of Wells Fargo is not even his wish. 

No one wants this job, you guys. We're actually thinking that Wells should maybe just leave Ruth Porat alone at this point.

And Wells is so desperate that it might just turn to creepy stalking:

Wells Fargo continues to pursue Mr. Smith, who is JPMorgan’s co-chief operating officer, but he has told confidants that he is reluctant to take the job and is likely to stay at JPMorgan, some of the people said.

Thirsty isn't sexy, Wells Fargo. Thirsty...isn't...sexy.

But neither is being the CEO of the least-trusted bank in America, so let's maybe all just stop pretending that this is going to be wrapped up anytime soon. Wells needs a new, full-time CEO who can lead The Stagecoach out of its nightmares and into some simulacrum of better days. That said, the bank cannot panic and go back to making the stakes that put it in this predicament...

Whatever succession planning the board had done was upended when Mr. Sloan, a 31-year Wells Fargo veteran, resigned. Finance chief John Shrewsberry had been considered a potential successor, people familiar with the matter said, but the board decided to look for an outsider after the Office of the Comptroller of the Currency and the Federal Reserve, the bank’s main overseers in Washington, expressed dissatisfaction with its response to its troubles.  

Yeah, like that. DEFINITELY, don't do that.

And if you're so thirsty for Gordon Smith, Wells Fargo, just go throw all the money in the world at Matt Zames and make him chairman of the board as well as CEO. It's what you should have done in the first place.

Wells Fargo CEO Search Drags On as Two Top Candidates Take a Pass [WSJ]


Today's Hedge Fund Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.