CHARLOTTE – A new direction is ahead for Wells Fargo, and while the headquarters are in San Franciso, there are more Wells Fargo employees who work in Charlotte.
The quick change at the top could create some uncertainty, but some experts say it could mean good things for the Queen City.
"This is the defining moment for Wells Fargo, for the history of this company,” said Dr. William Sparks, the Dennis Thompson Chair of Leadership at the McColl School of Business at Queens University.
Dr. Sparks says the sudden retirement of Wells Fargo CEO John Stumpf is a very big deal, not just for the major bank, but also for Charlotte.
The more than 20,000 Wells Fargo employees who work in Charlotte are now experiencing a quick change in leadership after Stumpf was blamed for the widespread scandal last month when thousands of employees were fired for creating 2 million fake accounts to reach their sales goals.
Now he's taking the fall for the recent scandal, but business experts say Stumpf's replacement Tim Sloan should be a positive change for the company.
"But they're going to have a big culture change in the coming months, so he's going to have a big challenge ahead of him,” said Kenny Colbert, president of The Employers Association.
Sparks says Sloan's parents even live in Davidson, giving him more of a reason to make a bigger impact in Charlotte, and he expects Sloan to add more employees in Charlotte as he tries to improve the company's culture.
"Because quite frankly our business environment in Charlotte in particular and in North Carolina in general is favorable,” said Sparks.