Bizwomen/Caroline Hudson: Is BofA's Cathy Bessant in the running for top Wells job?

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Is BofA's Cathy Bessant in the running for top Wells job?

Caroline Hudson, Staff Writer - Charlotte Business Journal
Jul 15, 2019, 6:00am EDT
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Melissa Key

Cathy Bessant is Bank of America's chief operations and technology officer.

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Bank of America Corp.'s (NYSE: BAC) Cathy Bessant is in talks with Wells Fargo & Co. (NYSE: WFC) about its chief executive role, according to a Bloomberg report.

Bessant's is the latest name in the running for Wells Fargo's top spot. Other suggestions from industry-watchers include Gordon Smith, chief operating officer at JPMorgan Chase & Co. (NYSE: JPM); Gary Cohn, former president and COO at the Goldman Sachs Group Inc. (NYSE: GS); and Charlie Scharf, CEO of the Bank of New York Mellon Corp. (NYSE: BK). Yet another option is making Wells Fargo's interim CEO Allen Parker the permanent choice.

Former Wells CEO Tim Sloan stepped down abruptly in late March, having served in that role since October 2016.
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"It has become apparent to me that our ability to successfully move Wells Fargo forward from here will benefit from a new CEO and fresh perspectives. For this reason, I have decided it is best for the company that I step aside and devote my efforts to supporting an effective transition," Sloan said in a statement.

Bessant is Charlotte-based BofA's chief operations and technology officer. She took over that role in 2015. Bessant has led global technology and operations since 2010. Prior to that, she held various leadership roles in global corporate banking, global product solutions, global treasury services and consumer real estate and community development banking.

Bessant joined BofA in 1982 as a corporate banker.

BofA declined to provide a comment for this article.

Wells Fargo previously said its board would search externally to fill the CEO role. Beyond that, the San Francisco-based bank has remained tight-lipped on the search.

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Caroline Hudson covers banking and financial services, technology, entrepreneurs and small businesses, and health care for the Charlotte Business Journal.
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