One of the world’s most highly valued bank seems to be shopping for a new Vice-Chairman in order to replace John Laughlin who is currently occupying the position. John Laughlin will be leaving soon as his tenure will soon be up. John Laughlin has been one of the most successful Vice Chairmen in the company’s history. John Laughlin is also head of the merger and acquisition team at Wells Fargo (NYSE: WFC). The replacement of John Laughlin will not only be the new Vice-Chairman of the board, but will also be head of the merger and Acquisition wing of the bank.
Under the leadership of John Laughlin, the bank did extremely well in their merger and acquisition sector. The company portfolio on merger and acquisition grew by at least four times the initial value when Laughlin joined. John Laughlin joined Wells Fargo about seven years ago when the investment bank took over the company that John was the head of. After the acquisition of that company John Laughlin has served very effectively in a leadership role ever since then. Under his leadership the bank made a substantial rise in profits too.
Wells Fargo’s investment banking portfolio is still much smaller in comparison to its New York giant competitors J.P. Morgan and Goldman Sachs, but it has also managed to carve out a substantial share of the market. In accordance with its investment it is a lot higher than sheer size of the company. There have been quite a few rumors about the exit of John Laughlin as the second in command, but most of them seem to be hearsay, and have not been able to be substantially proven. John Laughlin will still be an active member of the board and will continue to be part of an advisory body.
The possible successor
The outgoing Vice Chairman still enjoys a great stature in the industry and will continue to command that respect in the field. The replacement apparently has some big shoes to fill. Even though Laughlin will be a major advisor to the board, nothing is official as yet. The company still plans to leverage his influence and contacts in the field well after he has gone. The firm is currently in the process of reviewing internal and external employees to fill the vacancy, but it has been kept under intense security.