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Wells Fargo talks about hiring Harvey Schwartz as his next CEO



Members of Wells Fargo's board are in talks with Harvey Schwartz, former president and co-director of Goldman Sachs, to take over as the bank's next chief executive post.

Schwartz – who last year lost a race against David Solomon to succeed Lloyd Blankfein as Goldman's CEO – is in talks with the country's third-largest bank to take the reins from Tim Sloan, according to two people informed of the negotiations.

Old banker opposes another serious candidate for the top job, whose identity could not be immediately learned, according to a source close to the situation. Nevertheless, it is not clear whether Schwartz will take the helm of the San Francisco-based bank.

"The question is that he doesn't want to move to Charlotte or San Francisco," said one source and noted that Wells Fargo's East Coast headquarters is in Charlotte, North Carolina.

Schwartz is also thinking of starting a family investment office with Pablo Salame, the former co-director of Goldman Sachs & # 39; securities department, who also left last year after Solomon took the helm, according to source.

Neither Schwartz nor Salame could be reached immediately on Thursday.

"There is no validity for any rumors that Wells Fargo is in negotiations with anyone," said Arati Randolph, a spokeswoman for the bank, declining to comment specifically on Schwartz.

Randolph repeated a statement from Wells chairman Betsy Duke in September and said: "CEO Tim Sloan has the unanimous support of the board and this support has never been." 659002] This statement was made in response to Posten's exclusive report that board members had reached another Goldman Alligator Advisor to White House Gary Cohn.

"Wells Fargo has a huge affinity for the Goldman people," said a prominent Wall Street CEO to the post. "Gary Cohn was all to be the next CEO and he knocked them down."

Negotiations with Schwartz are still ongoing and could still fall apart, one person said.

The pressure has risen on Wells Fargo to turn the company around, as investigators uncover more alleged breaches of the bank as a result of its aggressive sales culture.

Last week, Sloan was pulled into Capitol Hill for a grilling by the House Financial Services Committee of Wells Fargo's scandalous scandals, which began three years ago when it was unveiled, it had set up millions of unauthorized customer accounts to pave its bottom line.

Hours later, Wells Fargo received a rare prickly charge from one of its primary federal regulators, the Office of the Currency Controller.

"We continue to be disappointed with Wells Fargo NA's performance under our consent orders and inability to implement effective corporate governance and a successful risk management program," the regulator wrote in a note sent to journalists.

Last week, the Federal Government also made an unjustified move after Wells Fargo's board gave Sloan a 5 percent wage increase in 201

8.

"The Federal Reserve does not approve pay packages. We expect the board to hold management accountable "a Fed spokesman said in an email statement.


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