Harvey Schwartz, the former president and co-chief operating officer of Goldman Sachs, is reportedly in talks to become the next CEO of Wells Fargo. The New York Post reported that members of Wells Fargo’s board have been meeting with Schwartz, who was beat out by David Solomon to become Goldman’s new CEO last year.
One source revealed that there is another serious contender for the job, but their identity is unknown. As for Schwartz, his non-compete agreement with Goldman recently expired, leaving him able to pursue other jobs. The talks with Wells Fargo are reportedly ongoing, and could fall apart.
“The issue is that he does not want to move to Charlotte or San Francisco,” one source said, as the San Francisco-based bank's East Coast headquarters are in Charlotte, NC.
However, Wells Fargo is denying that it is even in talks with anyone about the job, adding that there are no plans to replace current CEO Tim Sloan.
“There’s no validity to any rumors that Wells Fargo is in talks with anyone,” said Arati Randolph, a spokeswoman for the bank. “CEO Tim Sloan has the unanimous support of the board, and this support has never wavered.”
The reports come after U.S. Representative Maxine Waters (D-CA) called for Sloan to step down from his job earlier this month, after it was revealed that he received a $2 million bonus last year.
“It is outrageous, and wholly inappropriate, that the bank has rewarded Mr. Sloan with a $2 million bonus for 2018,” Waters said in an emailed statement. She added that, last year, “federal regulators and authorities capped the bank’s growth, and fined the bank more than $3 billion for offenses, such as improperly charging customers auto insurance and mortgage fees.”
Other politicians — including Senator Elizabeth Warren, who is running for president — have also called for Sloan to resign. Wall Street analysts have speculated that the CEO is in danger of losing his job as well.