Wells Fargo CEO Departs: Future Bitcoin Impact as Wall Street, Silicon Valley Look to Challenge Banks in Next Decade
Wells Fargo CEO Tim Sloan suddenly stepped down. It may be an unsurprising event, especially in light of the various issues that have impacted the bank over the years, such as uncovering fake bank accounts that were opened allegedly due to toe the bank’s sales culture.
The bank may be setting its sights on a replacement who may have over 30 years of experience in the banking industry. Some take the position that the bank should opt for someone who is beyond the traditional banking mindset. One potential contender could be Marianne Lake, a JP Morgan CFO. During a quarterly earnings call in 2017, she reported,
“We are very open minded to the potential use cases in future for digital currencies that are properly controlled and regulated.”
No matter who the bank chooses as its next CEO, the hope is still that the head of the bank will be more open to cryptocurrency. Shone Anstey of BIG, a blockchain-agnostic analytics platform, stated to CCN
“Banks at this time should not be concerning themselves with 99% of the cryptocurrencies out there as these are essentially science projects developing new technology. They should, however, be getting active with Bitcoin.”
He also discussed that cryptocurrency is not a threat to the banking industry, but more of an entry into the payment space for tech firms. He added
“They would love nothing more than to take a 600-year-old banking industry and turn on it on its head, and they will use the Bitcoin network to do it. They are the masters of the internet, and Bitcoin is merely an extension of they already dominated.”