>>5963306 lb
Rome was not built in a day.
tyb/s
Outsider CEO won't be an instant fix for Wells Fargo: analysts
(Reuters) - Wells Fargo & Co’s plans to bring in an outsider as its next chief executive could give the scandal-plagued bank a much needed fresh start, but a turnaround will not be easy for whoever takes the helm, analysts said.
The fourth-largest U.S. bank by assets said on Thursday that CEO Tim Sloan, a 31-year Wells Fargo veteran, would resign immediately and a committee would meet on Friday to start looking for a replacement from outside the bank.
More than two years after its wide-ranging sales practices scandal first came to light, Wells Fargo is still struggling to repair its reputation and relationship with U.S. regulators.
“Reforming decades of past mistakes at an institution as large as Wells is a difficult and time-consuming endeavor,” said Morningstar analyst Eric Compton in a note on Friday.
It remains unclear what exactly triggered Sloan’s abrupt departure. Sloan, who had been CEO since predecessor John Stumpf left the bank soon after the scandal erupted in 2016, said he made the decision because the focus on him had become a distraction and a hurdle to helping the bank recover.
Critics had accused Sloan, who was part of the management team while the wrongdoing was happening, of being too entrenched in Wells Fargo’s culture to change it.
Wells Fargo Board Chair Betsy Duke did not give clear guidelines on what kinds of candidates the board is looking for.
https://www.reuters.com/article/us-wells-fargo-ceo/outsider-ceo-wont-be-an-instant-fix-for-wells-fargo-analysts-idUSKCN1RA21G
Cap #2 is what Well's was involved with re: the Latin American Debt crisis
Latin American Debt Crisis of the 1980s
During the 1980s—a period often referred to as the “lost decade”—many Latin American countries were unable to service their foreign debt.
rest here
https://www.federalreservehistory.org/essays/latin_american_debt_crisis