While Wells Fargo executives had been thinking about who would replace Sloan, the rumor murmur began to spin quickly. On the list are several persons of J.P. Morgan.
Before you say that this is a conclusion, given the outrageous comments that his CEO Jamie Dimon has made to Cryptos, just wait. Some of these people have been open to cryptos. No matter if the choice is someone who thinks differently and not like a veterinarian, then the place is for a treat.
I'm Out of Here
The many scandals that plagued the Wells Fargo, including the creation of millions of counterfeit checking accounts and savings accounts, is one reason Sloan says he is retiring. Although he was not a boss during the bank hustle and bustle, Sloan said he did not want to be a distraction as the bank continued to try to reap the rewards of consumers and regulators.
This is fine with crypto players who have grappled with Debbie Downer's views on cryptos. With him at the head of Wells Fargo, the acceptance of the crypto has been hindered in the traditional financial world.
Best Choice for the Crypto Space
The word on the street is that Wells Fargo intends to introduce an outsider who is to replace Sloan more than 30 years in the traditional banking business. That contributed to his crypto-pessimism.
The thought of the old school banks has caused many veterans to bark in the newly-crafted crypt space. Lloyd Blankfein, CEO of Goldman Sachs, even admitted that he was resistant to Bitcoin because of his novelty.
Foreign talent should also include those who do not take into account the mindsets of traditional bankers. One of these people is Marianne Lake, CFO of JP Morgan.
"We are very open to the potential use cases in the future for digital currencies to be properly controlled and regulated.
Then there is Gordon Smith, co-president of JP Morgan. His name was named as a potential successor in nearly every conversation with investors, according to CNBC. He referred to Bank of America analyst Erika Najarian, who made this remark in a March 11 note.
The problem here is that Smith is considered a likely successor to longtime CEO Dimon. While his co-president has said that JPMorgan "investigates" cryptocurrencies, Smith has not commented in one way or another.
The True Threat, Not Cryptos of Silicon Valley
No matter who takes the pack from Wells Fargo, observers are looking for that leader has less cryptosafety. Shone Anstey, executive chairman and co-founder of (BIG), a Vancouver-based blockchain agnostic analytics platform, told CCN:
Banks At this time, 99% of cryptocurrencies should be unaffected as they are essentially scientific projects who develop new technologies. However, you should be active with Bitcoin.
Anstey added that the threat to banks is not cryptos but entry into the payment room of technology companies.
They would like nothing more than to take a 600-year-old banking sector and turn it upside down, and they will use the Bitcoin network to do so. They are the masters of the Internet, and Bitcoin is just an extension of their supremacy.
Anstey predicts Wall Street will compete directly with Silicon Valley over the next five to ten years when working on crypto-currency networks.