Wells Fargo will need to spend a significant amount on recruiting and re-training staff and it will take three to five years to rebuild its sales and management structures, following the scandal over unauthorised customer accounts and $185m fine, according to consultant Dan Kleinman who has worked on and off with the bank for over 40 years. SHORT-SIGHTED STRATEGY "Its reputation is soiled," he said. The bank's chief executive, John Stumpf, was forced out last month after an internal investigation found that his response to revelations of unauthorized account opening had been "lackadaisical".
Wells Fargo will need to spend a significant amount on recruiting and re-training staff and it will take three to five years to rebuild its sales and management structures, following the scandal over unauthorised customer accounts and $185m fine, according to consultant Dan Kleinman who has worked on and off with the bank for over 40 years. "Its reputation is soiled," he said. The bank's chief executive, John Stumpf, was forced out last month after an internal investigation found that his response to revelations of unauthorized account opening had been "lackadaisical".