Wells Fargo’s new CFO, Tim Sloan, has a pretty simple mantra for avoiding troublesome deals, according to Bloomberg.
“Our business is really pretty simple. When you look at the deal and its structure looks like an octopus or a spider, just don’t do it. That kept us out of a lot of things.”
Not M&A experts ourselves, we’re not exactly sure what that means, but it seems like a good idea.
Less is often more, and perhaps that’s true of business deals too.
Sloan, by the way, just
replaced ex-CFO Howard Atkins, who suddenly resigned from the bank last month for “for undisclosed personal reasons.” Sloan has been with the West Coast-based bank since 1987.
He was most recently the firm’s chief administrative officer, and “led commercial real estate and securitization at a time when rivals were chasing multibillion-dollar property deals that later soured,” according to Bloomberg. He’s said to be one of two candidates who will succeed CEO John Stumpf.