The old motto at Wells Fargo was “Run it like you own it.” Perhaps the new one should be “Run it from the top.”

Prior to last year’s phony-sales fiasco, the company’s far-flung employees took substantial pride in their autonomy, which they saw as a key advantage over less nimble competitors. But Wells Fargo’s decentralized corporate structure also had a big downside, the firm’s board of directors concluded in a postmortem on the scandal that was published in April.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.