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LACK OF NEW BLOOD CASTS DOUBT OVER WELLS FARGO'S CHANGE PLAN


Wells Fargo & Co's decision not to introduce new names onto its board or into the ranks of its senior management in the wake of a sales scandal has raised questions about whether it can truly fix the culture which caused its problems. The United States' third-largest bank by assets has been plunged into crisis by revelations that its branch staff created as many as 2 million accounts without customers' knowledge in order to meet internal sales targets. John Stumpf, the bank's chairman and chief executive, left last week in response to a public outcry and the bank put Tim Sloan, a 29-year Wells Fargo veteran and Stumpf's heir apparent, into the CEO role.

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