At a recent leadership conference of U.S. executives, Wells Fargo CEO Tim Sloan was asked for his advice on how to manage a company through adversity and lead it into the future.
For Sloan, the leader of a company that has faced much adversity in recent years, the answer was clear: Respond to adversity with strength, commitment, and resilience.
“First and foremost, you have to have the belief and commitment in what you’re doing,” he said. “You have to be incredibly optimistic about the future of your company. You have to believe in what you’re doing.”
Sloan, one of the keynote speakers at the third annual Bloomberg Breakaway CEO Summit in New York City, was interviewed by conference co-chair and Bloomberg News anchor Carol Massar.
The summit, which draws senior executives of middle market companies — those with revenues ranging from $10 million to $500 million — from across the U.S., also included high-profile industry celebrities Michael Bloomberg and Martha Stewart.
In the packed conference room, there was keen interest in Sloan’s view on what happened at Wells Fargo, what has been done to fix the problems, and how he has helped to clear a path for the company to re-establish its reputation.
“We’ve acknowledged the mistakes we made,” he said. “We’ve taken responsibility. We’ve made fundamental changes in the company. To the extent that any customers were impacted, we are making it right by them, and we’re moving forward.”