Committee for Better Banks Member Responds to Hiring of Wells Fargo COO Scott Powell

For Immediate Release: December 3, 2019

Please contact: Zoe PiSierra, [email protected]; 646.616.6765

In response to the hiring of Santander USA CEO Scott Powell as the new COO of Wells Fargo, in charge of overseeing “regulatory relations and regulatory execution, as well as a range of operational functions across the company,” Committee for Better Banks member Alex Ross, a Wells Fargo Bankruptcy Specialist from Minneapolis, MN, said:

“Morale at Wells Fargo has been too low for too long. In all the fanfare around new executives, employees have yet to see progress toward accountability and responsiveness from leadership. To workers, it all looks like a revolving door of bank insiders.. All these guys are old friends and are based 3000 miles away from the rest of the bank’s leadership. It doesn’t inspire confidence. If Wells Fargo and Mr. Powell want to earn the trust of regulators, they need to earn it from employees first. That means showing up to listen to us about what needs to improve.”

Both Scharf and Powell are long-time bank industry insiders, who formerly worked side-by-side at Bank of America. Last month, Wells Fargo hired William Daley as VP of Public Affairs. Daley was Scharf’s deputy at BNY Mellon.

CBB members from Wells Fargo are available for comment.

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The Committee for Better Banks, the only independent voice for frontline bank employees, is comprised of bank workers, community and consumer advocacy groups, and labor organizations, coming together to improve conditions in the banking industry. Committee for Better Banks members include current and former employees of banks and credit unions across the country, including Wells Fargo, Santander, Bank of The West, and Bank of America.