John Lovallo, head of our Corporate & Financial practice was interviewed this week as an Editor’s Pick in Forbes on the issue facing Wells Fargo’s new CEO Charles Scharf. Mr. Scharf takes over Wells Fargo at a critical time for the bank— with a tarnished reputation and still facing oversight and intense scrutiny from regulators and lawmakers.
According to Lovallo, there is no quick fix or magic wand that Mr. Scharf can wave. Wells Fargo is a complex institution with 200,000 plus employees and about $2 trillion in assets. To win back trust — change is needed — from leadership, to the Bank’s approach to operational risk and innovation, to culture. However, the hiring of Mr. Scharf, an outsider, is the opportunity the bank needed to begin to put a line in the sand and move forward into the future.
Enjoy the read.