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Opinion

US banking: Wells who?

A presidential snub adds to Wells Fargo's woes.

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As if Wells Fargo has not been through enough reputationally, it took another blow in August when president Trump, seeking insight on the health of US consumers in the midst of the stock crash, called Jamie Dimon, Mike Corbat and Brian Moynihan for their opinion, according to press reports.

Wells Fargo is the US’s third-largest bank in terms of deposits – with about $26 billion more deposits than Citi – and yet it still didn’t make the presidential cut.

Maybe it’s less about Wells’ continued legal action (more of that came in the form of a $450,000 fine from Massachusetts in August for lapses in advisor registrations with the state), and more to do with Trump not knowing who to call.

After all, Wells Fargo has still to find a CEO to replace Tim Sloan. C Allen Parker, the former bank general counsel, has now been acting as interim CEO since the end of March.

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