Wavering Support For Wells Fargo CEO John Stumpf | CNBC — Transcript
Full transcript
- 0:00The Fallout continues for Wells Fargo
- 0:01top banking analyst Mike mayor of clsa
- 0:03releasing a note saying his firm's
- 0:05previously strong support for Wells
- 0:07Fargo CEO John stump is now wavering
- 0:10mayor call stump's respon to the recent
- 0:12crisis reactionary versus leading he
- 0:15writes Wells Fargo is bigger than the
- 0:17CEO notwithstanding a good Financial Tre
- 0:19record during his tenure there should be
- 0:21no more excuses for the lack of answers
- 0:23to key to key questions the note details
- 0:26five issues that clsa believes Wells
- 0:27Fargo needs to address first how long
- 0:30the problems could continue for second
- 0:32what wells is doing to help impacted
- 0:33customers third the note calls for
- 0:35clawbacks to be put in place in terms of
- 0:37pay fourth mayor say stump should
- 0:39voluntarily reduce his own compensation
- 0:42and fifth the analysts argues Wells
- 0:43needs to restructure its board and
- 0:45possibly split the chair role from the
- 0:47CEO mayo though still rakes the stock as
- 0:49an outperform with a $57 price Target
- 0:51and of course for Wales this week the
- 0:53focus very much is going to be on
- 0:54Thursday's house hearing following the
- 0:56Senate hearing last week and mayor
- 0:58basically suggests that this is his last
- 1:00chance for the CEO to perform whereas
- 1:02going into last week's that he needed a
- 1:04lot more to happen to lose his position
- 1:05he now says this is a must uh win kind
- 1:08of performance from stump in order to
- 1:09hold on to his
- 1:11position hey CNBC fans thanks for
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