A shakeup in management announced
yesterday has analysts speculating on who will be the next CEO at Wells Fargo
& Co., Bloomberg
Wells Fargo yesterday named Chief
Financial Officer Timothy Sloan the head of wholesale banking. Sloan has been
CFO since 2011. Jennifer Thompson, an analyst at Portales Partners LLC, told
Bloomberg that Sloan is an "up-and-comer" who could be on the fast
track for CEO.
Sloan is taking over wholesale
banking from David Hoyt, who will retire after 32 years with the company. John
Shrewsberry was named as Sloan's replacement as CFO.
"demonstrate the deep bench of high-caliber leaders at Wells Fargo,"
CEO John Stumpf said in a statement.
Wells Fargo had a record profit
In another banking story, a recent International
Monetary Fund study detailed that there's still an assumption that governments
would again rescue the biggest banks in the event of another financial panic, Reuters