People can change. Past behaviour is not always an indicator of the future. Just because someone spent their past two jobs devoted to cutting billions from costs at their past two banks, doesn’t mean they’ll do the same at their new employer.
Even so, people at Wells Fargo’s investment bank may have reason to look askance at Warren Young, the new chief operating officer of the corporate and investment bank, if happen upon him in New York City.
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Young has just joined Wells Fargo, fresh from Standard Chartered in Singapore. At Standard Chartered, he ran the ‘Fit for Growth’ transformation programme, which involved 300 initiatives to simplify, standarise and digitise the bank. The programme had cut run rate costs at the bank by $700m by the end of 2025 (which also costing $700m to implement). The cuts involved cutting jobs in Singapore and…
