newly appointed chief financial officer "seems well-equipped to be a front person to Wall Street," according to a report issued by
RBC Capital Markets
analyst Joe Morford.
"Not only is Mr. Sloan personable and candid, but also he is very conversant in many key areas of investor focus," said Morford in a note describing Wells Fargo's CFO Tim Sloan after meeting with him last week.
Morford said that the 10-K for the company should be filed on time next week and that the company said there were no financial or accounting related issues to the sudden retirement of former CFO Howard Atkins.
The analyst is maintaining his 12-month price target of $40, and an earnings per share estimate of $3.75.
"Although Mr. Sloan's experience is primarily running businesses on the wholesale side, unlike at some other banks, he had responsibility for P&Ls and balance sheets as well as interest rate and credit risk management," Morford wrote in a note.
Atkins sudden departure before the fourth-quarter earnings announcement stirred up some controversy among investors including reports of an
--Written by Maria Woehr in New York.
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