NEW YORK: Wells Fargo & Co's hunt for a new CEO is being impeded by limits on how much the bank can pay its next leader, a person close to the search and several industry insiders told Reuters.A handful of top candidates have already said they would not pursue the job because Wells Fargo is unlikely to meet their pay requirements, said the person, who spoke about private negotiations on the condition of anonymity.Wells Fargo declined to comment on the search process.The San Francisco-based bank has been looking for a new leader since March, when Tim Sloan became the second CEO to abruptly depart in the wake of a sales scandal that has badly bruised the bank's reputation and crimped its financial performance.Wells Fargo's CEO pay package has trailed peers in recent years in the aftermath of a wide-ranging sales practices scandal. Wells Fargo is also the smallest of the top four retail banks by assets.The board will likely pay the next CEO US$15 million-US$20 million a year, said … [Read more...] about Wells Fargo CEO search hobbled by pay limitations: sources
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Wells Fargo creates new unit focused on regulatory compliance
Business Wells Fargo & Co is creating a new unit tasked with satisfying U.S. regulatory requirements, according to an internal memo seen by Reuters. 09 May 2019 06:25AM Bookmark REUTERS: Wells Fargo & Co is creating a new unit tasked with satisfying U.S. regulatory requirements, according to an internal memo seen by Reuters.Derek Flowers, who has been with the San Francisco-based bank for more than two decades, will become head of strategic execution and operations and will focus on the bank's regulatory priorities, said the memo, sent by interim chief executive Allen Parker on Wednesday.In his current role as chief credit and market risk officer, Flowers would have had frequent contact with regulators.The new unit, whose creation was reported earlier on Wednesday by the Financial Times, will be charged with working through the more than a dozen regulatory consent orders the bank is operating under - agreements between regulators and the bank that it will work to … [Read more...] about Wells Fargo creates new unit focused on regulatory compliance
Buffett talks about Kraft Heinz, Wells Fargo problems
OMAHA: Investment guru Warren Buffett on Saturday signalled his commitment to Kraft Heinz and defended his actions towards Wells Fargo, two of the largest investments at his Berkshire Hathaway. Mr Buffett spoke before tens of thousands of people in Nebraska, where the Berkshire chairman and chief executive officer and vice-chairman Charlie Munger fielded questions for six hours. Kraft Heinz has been a thorn for Berkshire, which in February took a US$3 billion (S$4 billion) write-down on its 26.7 per cent stake, because of the packaged food company's inability to keep up with changing consumer tastes and reliance on older brands such as Jell-O. The company was created from the 2015 merger of Kraft Foods and H. J. Heinz. The latter had been owned by Berkshire and Brazil's 3G Capital, which runs Kraft Heinz day-to-day. Mr Buffett defended 3G's management, saying the combined company is doing well operationally and its current problems cannot be blamed on a lack of investment. He also … [Read more...] about Buffett talks about Kraft Heinz, Wells Fargo problems
McIlroy trails leaders by two at Wells Fargo
REUTERS: Rory McIlroy celebrated his 30th birthday with a three-under-par 68 in the third round of the Wells Fargo Championship on Saturday to move within two shots of the leaders at the weather-hit event in Charlotte, North Carolina.A bogey by Max Homa (70) at the last left him tied at the top on 11-under 202 alongside fellow Americans Jason Dufner (71) and Joel Dahmen (70), while Pat Perez carded a 66 to move up to 10 under.McIlroy, who could have had an even better day had his putting been dialled in, put together four birdies against a bogey to move to nine under as fans offered up birthday greetings on the stormy day.Homa, a former U.S. collegiate champion seeking his first PGA Tour victory, led most of the day until he stumbled at the par-four 18th hole.England's Justin Rose (68) is in sixth spot on eight-under with compatriot Paul Casey (66) tied for seventh a shot further back.(Reporting by Gene Cherry in Salvo, North Carolina; Editing by Peter Rutherford) … [Read more...] about McIlroy trails leaders by two at Wells Fargo
Homa leads by one as weather halts Wells Fargo play
Sport American Max Homa held a one-stroke lead in the third round when a passing storm forced a weather delay at the Wells Fargo Championship in Charlotte, North Carolina on Saturday. 05 May 2019 04:05AM Bookmark REUTERS: American Max Homa held a one-stroke lead in the third round when a passing storm forced a weather delay at the Wells Fargo Championship in Charlotte, North Carolina on Saturday.The former U.S. collegiate champion was at 12 under through nine holes when play was halted at 3:37 p.m. local time (1937 GMT)Overnight leader Jason Dufner was a stroke back.Northern Irishman Rory McIlroy, celebrating his 30th birthday, was tied for sixth at seven-under at the turn.(Reporting by Gene Cherry in Salvo, North Carolina, editing by Pritha Sarkar) … [Read more...] about Homa leads by one as weather halts Wells Fargo play