Wells Fargo shares rose more than 2 percent in premarket trading Friday as Wall Street analysts largely welcomed the announcement that Tim Sloan would step down as CEO immediately.
Wells Fargo shares rose more than 2 percent Friday as Wall Street analysts largely welcomed the announcement that Tim Sloan would step down as CEO immediately.
"While managerial change poses risks at an organization undergoing change, it is possible that a new CEO could help enhance the company's reputation with multiple stakeholders, including regulators," UBS said."Hiring an external candidate without ties to the sales scandal and other missteps could lessen criticism from politicians and allow for a more constructive dialogue with regulators.
"Our downgrade reflects our concern that medium term earnings could be less than expected," Deutsche Bank said."We believe the move is a positive step, which will improve investor sentiment and reduce regulatory scrutiny, as the bank searches outside the company for a successor. However, our enthusiasm is tempered by still inferior fundamental performance, as we expect revenue to decline again in 2019 ... Non-Wells replacement a start.
"During a conference call to discuss the change, Mr. Sloan noted that the focus on him had become a distraction and hindered the company's ability to move forward. Mr. Sloan also emphasized that the move was not related 1Q performance or any newly discovered issues ... While managerial change poses risks at an organization undergoing change, it is possible that a new CEO could help enhance the company's reputation with multiple stakeholders, including regulators ...
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