Wells Fargo Makes “Transformational Changes” Under CEO Tim Sloan

Under CEO Timothy J. Sloan, Wells Fargo & Co. is striving to become “a better, stronger company for our customers, team members, communities and shareholders.”

“We’ve committed to transform how we manage risk at Wells Fargo, and our goal is not only to meet, but exceed regulatory expectations so that we have the best risk management in the industry,” Sloan said in the San Francisco-based company’s second quarter earnings call this month.

Wells Fargo is also focused on new ways to create a better customer experience, including implementing changes that help customers manage their accounts by leveraging data and technology, he said. In June, the financial services company launched a customer pilot of Control Tower, a digital experience aimed at providing customers visibility and control of their connections to their payment accounts. Last year, Wells Fargo introduced automatic zero balance alerts to online banking customers, and the company is now sending an average of more than 30 million zero balance and customer-specified balance alerts a month.

Improving customer experiences has also extended to branches, Sloan said. In the second quarter, Wells Fargo completed the rollout of its customer relationship view tool, which helps tellers and bankers have more value-added conversations and refer customers to specialists to meet more complex needs.

Wells Fargo is also focusing on launching more innovative products and services, including its online retail mortgage application service, and its iPrint biometric log-on capabilities for commercial customers. Moreover, small business banking deposit customers can now apply and, if approved, immediately accept card payments and purchase processing equipment through one convenient online application at Wells Fargo Merchant Services. The company also recently announced the newly enhanced Propel Card, “one of the richest, no-annual-fee rewards cards in the industry,” Sloan said.

“As part of our goal of making a positive contribution to the communities we serve, which includes promoting environmental sustainability, we recently announced a commitment to provide $200 billion in financing to sustainable businesses and projects by 2030,” he said. “And the millions of hours our team members volunteer each year contributed to Wells Fargo recently being named as one of the 50 most community-minded companies in the U.S. from the Points of Light organization.”

In the second quarter, Wells Fargo also launched its reestablished marketing effort, the largest advertising campaign in the company’s history.

“The campaign acknowledges our past issues, shows how we’re moving forward, and highlights the changes happening and continues to happen at Wells Fargo,” Sloan said. “The reaction to the campaign has been positive, and advertising awareness has continued to increase. As our ads highlight, our team members are focusing on transforming Wells Fargo into a better company for all of our stakeholders, and I am confident that we’re on the right path.”

Sloan was elected CEO and a member of the Board of Directors in October 2016, and he became president in November 2015. Previously he served as chief operating officer from November 2015 to October 2016. In that role, Sloan was responsible for the operations of the company’s four main business groups:  Community Banking, Consumer Lending, Wealth and Investment Management, and Wholesale Banking.

A 30-year company veteran, Tim had led the company’s Wholesale Banking business beginning in 2014 — overseeing approximately 50 different businesses, including Capital Markets, Commercial (middle market) Banking, Commercial Real Estate, Asset Backed Finance, Equipment Finance, Corporate Banking, Insurance, International, Investment Banking, and Treasury Management.

Prior to that, he served as Wells Fargo’s chief financial officer, responsible for financial management functions including controllers, financial reporting, asset liability management, treasury, investor relations, and investment portfolios. From September 2010 to February 2011, Tim served as chief administrative officer and managed Corporate Communications, Corporate Social Responsibility, Enterprise Marketing, Government Relations, and Corporate Human Resources.

From 1991 to 2010, Tim held various leadership roles in Wholesale Banking, including head of Commercial Banking, Real Estate, and Specialized Financial Services. Prior to joining Wells Fargo in the Loan Adjustment Group in 1987, he worked for Continental Illinois Bank in Chicago.

He’s No. 27 on Chief Executive and RHR International’s CEO1000 Tracker, a ranking of the top 1,000 public/private companies.

Timothy J. Sloan, CEO & President, Wells Fargo & Co.

Headquarters: San Francisco, CA

Age: 58

Education:  University of Michigan (B.A.), (M.B.A.)

First joined company: 1987

Positions prior to being named CEO: Chief Operating Officer, Chief Financial Officer, Chief Administrative Officer

Named CEO: 2016

Katie Kuehner-Hebert :Katie Kuehner-Hebert has more than two decades of experience writing about corporate, financial and industry-specific issues. She is based in Running Springs, Calif.