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Wells Fargo’s Next CEO Must be a Commercial/Retail Bank Leader

The only reason banks are backed by governments and taxpayers – and why they were bailed out in 2008 – is because they are supposed to serve an essential public function:  providing financial support to the real economy and Main Street families and businesses.  For many years, Wells Fargo was a commercial/retail bank that did just that, in stark contrast to Wall Street’s too-big-to-fail megabanks that too often focus too much on boosting bonuses by gambled in the capital markets with derivatives and investments.