The very, very many hoops the next Wells Fargo CEO must jump through
In applying for the job, the next Wells Fargo CEO must complete 17-page form including their first kiss (not really)
Washington — From submitting their fingerprints to giving up their tax records, Wells Fargo’s next CEO will go through a vetting process that could rival that of top US government officials. Comptroller of the currency Joseph Otting said last week he would invoke a little-known law to review Wells Fargo's board pick to replace Tim Sloan, who in March became the second CEO to leave the bank amid a series of customer abuse scandals. Created during the savings-and-loan crisis, the 1989 law allows regulators to vet and veto candidates for senior roles at banks, but that power is typically reserved for financially troubled firms. Regulatory sources said the review by the office of the comptroller of the currency (OCC) was so unusual because Wells Fargo, the nation's fourth-largest lender, is both financially sound and so big. The CEO candidate must complete a 17-page document detailing their work history, qualifications, finances and business dealings. They must also agree to hand over t...
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