Wells Fargo board members are reportedly in talks to hire former Goldman Sachs exec Harvey Schwartz as its next CEO

Goldman Sachs

Wells Fargo board members are in discussions with Harvey Schwartz, former president and co-chief operating officer of Goldman Sachs, to hire him as the bank’s next chief executive officer, the New York Post reported.
Schwartz has one serious competitor, but the person’s identity "couldn’t immediately be learned," the Post said.
Schwartz lost out to David Solomon in Goldman Sachs’ succession battle last year.

Wells Fargo’s board members are in discussions with Harvey Schwartz, former president and co-chief operating officer of Goldman Sachs, to hire him to replace Tim Sloan as the bank’s next chief executive officer, the New York Post reported.

Schwartz has one serious competitor, but the person’s identity "couldn’t immediately be learned," the Post said. Schwartz is also hesitant about relocating to San Francisco, where Wells Fargo is headquartered, or Charlotte, where the bank’s East Coast headquarters are based, one source told the Post.

Schwartz could be also considering setting up a family investment office with Pablo Salame, the former cohead of Goldman Sachs’ securities division who left the bank in June after Solomon took the helm, according to the person.

“There’s no validity to any rumors that Wells Fargo is in talks with anyone,” the bank’s spokeswoman Arati Randolph told the Post. Schwartz and Salame couldn’t immediately be reached for comment, the Post said.

Schwartz lost out to David Solomon in Goldman’s succession battle last year. Once a potential successor to the former CEO Lloyd Blankfein, he retired abruptly in April, 2018.

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