CARBON NEUTR ALIT Y

2 — Thursday, November 14, 2019
The Michigan Daily — michigandaily.com
News

 
 
 
 
 
 
 
 
 
 
 MICHAEL BAGAZINSKI/Daily
Regina Strong discusses the role of the new department and meeting carbon neutrality goals at Cobblestone Farm Wednesday evening.

EASY

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TUESDAY:
By Design 
FRIDAY:
Behind the Story
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This Week in History 

MONDAY:
Looking at the Numbers

THURSDAY:
Twitter Talk

prince reyne has work to do
@starfallblade
WOW UMICH ALREADY 
DID MY TRANSFER CREDIT 
FOR ME AND I GEt to KEEP 
EVERYTHING

Cook
@GaryEliteBistro
A study by professors in the 
university of michigan have 
found out that people that 
write “where’s the rest of it” 
under restaurant food photos 
are the same people that put 
cats in bins

Kate
@exoh_kate
i wonder what its like to get 
classes cancelled bc umich do 
NOT mess w that

H MONEY
@hannahwhiteye 
what are the easiest classes 
at umich... i literally just need 
credits

Irene Turk-iac
@IreneProblems
umich students be like

“what if we started dating bc 
of the Michigan marriage pact 
haha jk ... unless”

Maddn
@frickoff_
ok umich either salt all 
the roads and sidewalks 
or cancel class. i can’t get 
anywhere if i’m falling every 
10 steps

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“Wells Fargo, which had 
been one of the most admired 
companies in the world … The 
year before that (2016) we were 
the 
most 
valuable 
financial 
institution on earth by market 
capital,” Sloan said. “In fact, 
you can go back and look at the 
Wall Street Journal headlines, 
you can see that. But we, in 
hindsight, made some really big 
mistakes.”
Once Sloan took the role, 
he worked with his 250,000 
person company to review and 
restructure the organization. 
He said given the situation, the 
bounce-back had to be a team 
effort. Sloan described how he 
had to distance himself from 
his coworkers in order to make 
difficult choices.
“What we needed to do is 
really step back and look at what 
were the issues and what we will 
do to address those,” Sloan said. 
“I needed to look at things in a 
very objective way. And that was 

hard… because I love the people. 
And I love the business.”
He said once he became 
CEO he had to reorganize the 
company, transitioning it from 
a decentralized organization 
to a more centralized company 
through 
consolidating 
enterprise 
functions 
and 
separate finance groups.
“We needed to reorganize the 
company,” Sloan said. “When 
you have an issue to deal and 
you make mistakes, sometimes 
that organization becomes very 
insular and insulated and doesn’t 
get to the bottom of issues 
doesn’t invite perspectives from 
across the company as it should 
and it makes the problem worse 
as opposed to better.”
Sloan 
explained 
the 
way 
the 
company 
worked 
to 
repair their relationship with 
their 
employees 
and 
their 
customers. 
He 
said 
after 
taking responsibility for the 
situation, he held frequent town 
halls where employees asked 
unscripted 
questions. 
Wells 
Fargo also began doing pulse 
surveys and receiving frequent 

feedback 
from 
community 
members. He invited people 
to directly send him an email 
or contact him, to which he 
would respond personally. From 
this feedback, the company 
raised member compensation, 
granted restricted stock rights 
to 
250,000 
employees 
and 
expanded paid parental leave.
“All this was based on the 
feedback we were getting,” 
Sloan said. “I knew that we 
could be successful at dealing 
with all the challenges and the 
opportunities that we have 
and to satisfy all our other 
stakeholders, unless we didn’t 
win the hearts and minds of our 
managers, our stakeholders and 
various businesses.”
Wells Fargo has over 70 
million consumer customers — 
one in three Americans, Sloan 
added. He said repairing that 
relationship 
and 
increasing 
communication 
helped 
the 
company rebound.
“The key was to make sure 
that there was an open level of 
communication,” 
Sloan 
said. 
“The fact of the matter is that 
most of our customers, 
they didn’t care about 
the mistakes that we had 
made. They wanted to 
know that we are going to 
make them right.”
Sloan 
explained 
the 
power and spotlight that 
comes 
with 
the 
CEO 
position. He said this 
spotlight allows one to 
make an unimaginable 
difference. However, he 
described 
the 
negative 
effects that came with 
it, when he would see 
something negative about 
himself 
in 
the 
news. 
He also described an 
instance in which 200 
protestors stood outside 
his California home. 
He 
provided 
advice 
following this experience. 
He said it’s important 
not to say the first thing 
that 
comes 
to 
mind 
when instances like this 
occur, as well as how to 
learn to deal with it. He 
emphasized 
resisting 
taking 
the 
attacks 

personally. 
Sloan circled back to the title 
of the conversation: leadership 
and trust during a crisis. He 
recommended 
companies 
emulate that style of leadership 
daily.
“I really believe that one of 
the things that I’ve learned as 
we move from being in a period 
of crisis to having to be much 
more balanced from a leadership 
standpoint, it was the same kind 
of structure, the same type of 
oversight, the same government 
governance model, the same 
type of feedback and the way 
that we interact with our team,” 
Sloan said. “I’ve learned is that 
businesses should operate as if 
they’re in crisis every day of the 
week.”
Sloan went on to say the best 
way to make quick decisions 
is to gather a diverse group of 
people to get varying opinions 
issues. He emphasized having 
the courage to hold a different 
opinion than the others in the 
group, but recognizing when 
you are wrong.
“Don’t be afraid to take a 
position that’s fundamentally 
different from the way that the 
company or you had operated 
the day before, the month 
before,” Sloan said. “Sometimes 
that change can be incredibly 
important 
and 
incredibly 
valuable.”
Finally, Greer asked Sloan 
how he knew when it was time 
for him to retire. He explained 
that following 32 years at the 
company, he no longer felt the 
company benefited from his 
leadership.
“That was a really hard 
decision for me,” Sloan said. 
“I love the people at Wells 
Fargo. They’re some of my best 
friends… 
Having 
said 
that, 
you also need to appreciate, 
when you’re a CEO, that it’s not 
about you. You work for your 
shareholders. And I always 
said to our board, and to my 
wife … the point at which I 
don’t think that I had enough 
value for the company, I need 
to not be seen.”

Read more at 
MichiganDaily.com

WELLS FARGO
From Page 1

