- Wells Fargo (NYSE:WFC) for roughly nine months has been walking around with its tail between its legs thanks to the account opening scandal. The bank's paid fines, axed execs, clawed back pay, and attempted to reform the hard-charging sales culture which led to the abuses.
- It thus shouldn't be surprising that revenue growth during this time has slipped for the first time in years, and Wells' stock price has underperformed its big bank peers.
- The challenge now is how to return to growth with this new kindler and gentler sales team attitude - particularly at a time when macro headwinds continue to be a factor.
- "How am I going to grow the business…with these constraints," asks one executive. "How do I do it in a way that doesn’t appear to be sales pressure?”
- Speaking at a conference last week, CEO Tim Sloan urged patience. “You don’t just roll out a plan to 75,000 people and say, ‘Good Luck,’ right?”
- via Emily Glazer at the WSJ