Alan Johnson, managing director of New York-based compensation consultant Johnson Associates Inc., said that Wells Fargo’s announced cost-cutting plan will hurt the firm from a recruitment perspective, including in asset management.

“It’s not just the cost cutting, but years of instability at the bank,” since the 2016 sales scandal surfaced, he said. “It’s just one negative story after another. … (There’s) just a general malaise from bad news and instability,” Mr. Johnson added, noting that it could negatively impact Wells’ ability to attract new asset management clients.

Pensions & Investments / September 2, 2020