WFC's perfect storm continues
WFC's woes show no sign of ending and the share has been a substantial underperformer year-to-date. The causes are fairly obvious:
- Senior management upheaval: WFC still hasn't appointed a CEO following Tim Sloan's departure in March. The situation hasn't been helped by reports that several of the leading candidates turned down the offer, including PNC Financial CEO, William Demchak (NYSE: PNC), and US Bancorp CEO Richard Davis (NYSE: USB). In addition, this process is complicated by being not just a WFC Board decision but also needing to satisfy regulators