Bloomberg Businessweek

Wells Fargo’s Uphill Battle

Tim Sloan has to increase profits at a bank that’s not allowed to get bigger

Wells Fargo & Co. Chief Executive Officer Tim Sloan has said it to customers, shareholders, and employees. The bank ran television commercials to make sure nobody missed it. In October he flew to Washington to say it to Congress: He’s sorry for how the bank abused consumers.

A year and a half after the bogus-accounts scandal that brought down Sloan’s predecessor, John Stumpf, it’s clear the 31-year company veteran wants the bank—and everyone else—to move on. Consider Wells Fargo’s vision and values booklet, a kind of corporate mission statement for employees. About a year ago, the bank added “rebuilding trust” to a list of priorities. In the newest version of the handout, those words are gone.

Sloan says this was part of an effort to make the document more concise, and, in any case, Wells Fargo has done a lot to clean itself up. In an interview on Feb. 12, he defends the company’s culture. He says the media isn’t writing about Wells

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek5 min read
Not So Fast, Airbnb
Airbnb Inc. is used to mostly coming out on top. Despite fierce opposition from traditional hoteliers, the home-rental startup has negotiated regulations that have allowed it to operate in more than 500 cities, from San Francisco to Tokyo. Now the co
Bloomberg Businessweek3 min readTech
Then They Came for The Lawyers
When Silicon Valley companies go looking for legal counsel, they generally choose from a short list of well-respected partnerships. There’s 99-year-old Cooley LLP, 58-year-old Wilson Sonsini Goodrich & Rosati, and 24-year-old Gunderson Dettmer. All a
Bloomberg Businessweek5 min read
How a Foreign Investor Rattled a Tiny African Economy
Mohlalefi Moteane runs his wool and mohair brokerage out of his veterinary practice, housed in a small building on a dirt road in Maseru, the ramshackle capital of Lesotho. When a young Chinese businessman visited in 2012 asking to join the business,