The Banking and Strategy Initiative

Chillin' out till it needs to be funded

Moving Target: Wells Fargo CFO Howard Atkins leaves

SAN FRANCISCO - JANUARY 20:  A Wells Fargo cus...

Image by Getty Images via @daylife

During the Bank results season last month the $20 bln revenues of Wells Fargo, much as they were evenly split between Net interest Income of $10 bln from commercial banking and deposits and investment and corporate banking income of another $10 bln did raise a few hopes. However at that time CFO Atkins had mentioned a loss of $270 million from overdraft fees and another $50 mln from new credit card regulation reforms of 2009/10.

Bank of America had been the biggest loser of the reforms. While Wells fargo had also aborted its attempts in mortgage superstores earlier in the first quarter of last year and their Wachovia book has turned out much better than expected and the bank’s portfolio seemed to be an important reason why Wells Fargo survived the crisis and the bidding war for Wachovia with Citi. legacy Wells and Wachovia had always prided themselves on a Net Interest Margin of over 4% on its huge retail portfolio

Thus, it is with extreme surprise one notes Howard Atkins leaving the company midstream though the bank has mentioned his moving on is not related to any of the bank’s performance items. He is on an unpaid leave of absence till august while Tim Sloan now moves two steps to CAO and CFO from his head of comml banking, real estate and insurance position.

Wells Fargo though headquartered in NC has a significant footprint in the West including the Long Beach area where the economy has held out stronger thant he other local administrations in the United states.  However, financially the bank’s growth in unexplored frontiers has not yielded significant profits or brand value

Enhanced by Zemanta

5 comments on “Moving Target: Wells Fargo CFO Howard Atkins leaves

  1. Pingback: Tweets that mention Moving Target: Wells Fargo CFO Howard Atkins leaves | The Banking and Strategy Initiative --

  2. JDub
    February 15, 2011

    Wells Fargo is headquartered in San Francisco not North Carolina.


  3. Rossana Kimmet
    June 14, 2011

    This is a splendid article. Thanks a lot for bothering to summarize all this out for all of us. It truly is a great guide!


  4. earning while enjoying
    November 25, 2011

    Hello very nice blog!! Man .. Excellent .. Superb .. I’ll bookmark your web site and take the feeds also?I am glad to find so many helpful information here in the submit, we need develop extra techniques in this regard, thanks for sharing. . . . . .


  5. Kredyt Deutsche Bank
    December 16, 2011

    Fantastic publish, very informative. I wonder why the other experts of this sector do not notice this. You must proceed your writing. I’m confident, you’ve a great readers’ base already!|What’s Going down i am new to this, I stumbled upon this I have found It positively useful and it has aided me out loads. I am hoping to give a contribution & assist other users like its helped me. Good job.


Comments are closed.


%d bloggers like this: