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Take PNC's Demchak off list of Wells Fargo CEO candidates

  • PNC Financial (PNC +3.1%) Chairman, President, and CEO William Demchak says he's not interested in the CEO post at Wells Fargo (WFC -2.6%), American Banker reports.
  • When asked during PNC's Q1 earnings call if he'd consider the job at troubled Wells Fargo, he responded, "I like my job here, I like our company, I like our prospects...and I will end my career here," he said.
  • Wells Fargo is looking for an external candidate to take the job as internal candidates would face the same criticism that former CEO Tim Sloan did--that he was too much connected with the bank's previous management and culture.
  • WFC investor Warren Buffett advises the company to recruit someone who doesn't have a Wall Street resume.
  • Previously: Buffett: Wells Fargo CEO shouldn't be from Wall Street (April 8)

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