9/27/2019: "...Wells Fargo, still recovering from a fake-account scandal caused by sales managers running amok, will let its newly appointed CEO, Charles Scharf, run the San Francisco company from New York.
"Wells Fargo’s board had to know this telecommuting perk would raise eyebrows. To allow it speaks to how much trouble it probably had finding someone to take over what’s been called the toughest job in banking.
"Scharf 'had the leverage to negotiate' staying in New York, said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware. 'They needed him and it was a tough job to fill.'
"But 'if you are going to change the culture of an institution, it’s important to be at the site of the culture,' Elson said. 'The headquarters is in San Francisco, and the top executives are in San Francisco, and the tone at the top comes from the top.'
"When Scharf, who takes over Oct. 21, was asked about running Wells from New York in a call with analysts Friday, he said, 'So listen, these jobs, whether it’s the Wells Fargo job or any other job I had, you spend very little time actually in your office. This is a broad national franchise.'
"On the call, Scharf said he is 'looking forward to be present in all of those places, including San Francisco, which is, obviously, a very important place for us.'"
https://www.sfchronicle.com/business/article/Wells-Fargo-s-new-CEO-will-run-the-SF-bank-from-14473535.php