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Wells Fargo in Talks to Hire Harvey Schwartz as Next CEO

Wells Fargo in Talks to Hire Harvey Schwartz as Next CEO

(Bloomberg) -- Wells Fargo & Co. board members are in talks with Harvey Schwartz, former co-chief operating officer of Goldman Sachs Group Inc., to hire him as the bank’s next chief executive officer, the New York Post reported, citing two unidentified people briefed on the discussions.

Schwartz has one serious contender, the Post said, adding it couldn’t immediately learn who that person is. It’s not clear if Schwartz would take the job, as he’s hesitant about moving to San Francisco, where Wells Fargo is based, or Charlotte, N.C., where the bank has its eastern headquarters, one person told the Post.

Schwartz couldn’t immediately be reached for comment, the Post said. Arati Randolph, a Wells Fargo spokeswoman, said “there’s no validity to any rumors that Wells Fargo is in talks with anyone,” the Post reported, adding she declined to comment specifically on Schwartz.

Goldman Sachs in March 2018 picked David Solomon as the successor to then-Chief Executive Officer Lloyd Blankfein, picking him over Schwartz, who left Goldman the following month.

Wells Fargo’s current CEO Tim Sloan faced rebukes from Democrats and Republicans March 12 when he testified at the House Financial Services Committee about his attempts to resolve abuses that have rocked the lender, including the practice of opening bogus accounts for customers.

To contact the reporter on this story: Jim Silver in New York at jsilver@bloomberg.net

To contact the editors responsible for this story: Clementine Fletcher at cfletcher5@bloomberg.net, Nathan Crooks

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