Welsh spent 28 + years as a consultant at McKinsey, he has about 3.5 years experience in the role at U.S. Bank, I'm thinking Berkshire Hathaway, Vanguard and Blackrock have something different in mind rather than trying to transform the universe, they'd settle for a capitalist who happened to be a banker.
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I don't believe Tim Welsh has the experience to be approved by regulators to be CEO. If you see him put in charge of Commercial, that might be a clear sign they are grooming him for that role (just like they moved Richard and Andy to lead other segments of the bank before they were named as successor CEO). I also think that Tim's performance as VC has been masked by COVID, and he is going to have to start to show some tangible results from the (lack of cohesive) strategies he has deployed across the consumer bank. As far as I can tell he has been a disaster for US Bank, just as has Andy's reign as CEO. The bank needs to bring in senior leaders who have actual banking experience instead of these McKinsey consultants who fundamentally do not understand the business. I think there is a better chance they blow up the bank and leave to go back to McKinsey than there is of Tim Welsh becoming CEO. Time will tell...
The next CEO doesn't work at U.S. Bank yet. It will probably be someone from the outside. Andy isn't leaving anytime soon anyway.
Tim Welsh will be the next CEO
Richard Davis was just elected as an independent director at Wells Fargo Bank, don't see him jumping off the stagecoach to guide the big lost ship anytime soon,