In some ways, the moves are natural for tech startups with financial ambitions. Despite the growing success of fintech upstarts hailing from San Francisco, Wall Street institutions remain on top of the financial world.
Debt, like the full moon, is known to make politicians act strangely. There have been some good examples over the last few weeks, most recently in Lebanon and Italy.
Mullis has thrived as a traditional community banker, leading the redevelopment of historic buildings in a small, struggling Georgia town and successfully growing Morris Bank in a mostly rural market.
Scott Powell, who resolved numerous regulatory problems as the head of the Spanish bank's U.S. operations, will face similar challenges at scandal-plagued Wells. As the bank's chief operating officer, Powell will report to CEO Charles Scharf, a former colleague at JPMorgan Chase.
In marketing themselves to small companies, challenger banks are offering cool gadgets and a sympathetic ear about the hassles of being bank customers.
