Wells Fargo Announces Organizational Changes
11 Februar 2020 - 6:00PM
Business Wire
New model creates flatter line of business structure and brings
greater focus and accountability to the company
Wells Fargo & Company (NYSE: WFC) today announced the
appointment of several new business leaders and changes designed to
create a flatter line of business organizational structure and
provide leaders with clear authority, accountability, and
responsibility. The new model has five line of business CEOs, each
reporting to Wells Fargo CEO Charlie Scharf and represented on the
company’s Operating Committee.
“The Wells Fargo franchise has extraordinary opportunity and
power, and these organizational changes enable us to more
effectively pursue our goals and take advantage of the
opportunities in front of us,” Scharf said. “These changes create
the right structure to build our businesses over the long term and
increase our ability to successfully execute on our top priority,
which is the risk, regulatory, and control work. I am confident
that this organizational model and our strengthened risk and
control foundation will bring greater focus and accountability to
the company.”
Effective immediately, the five line of business CEOs are:
- Mary Mack, who most recently led Consumer Banking, becomes CEO
of Consumer and Small Business Banking, responsible for Branch
Banking and Small Business, which includes the company’s 5,400
branches and delivers a full range of deposit, lending, investment,
and payment products. Mack takes on additional responsibilities for
Deposits and a newly established Digital team focused on acquiring
and servicing new customers through digital channels.
- Perry Pelos, who most recently led Wholesale Banking,
transitions to a new role as CEO of Commercial Banking, with both
relationship and product responsibilities in serving businesses
with annual sales generally in excess of $5 million. In this new
role, Pelos is responsible for Commercial Capital, Treasury
Management, Business Banking, Middle Market Banking, and Government
and Institutional Banking.
- Jon Weiss, who most recently led Wealth & Investment
Management, transitions to a new role as CEO of Corporate &
Investment Banking (CIB), which previously was part of Wholesale
Banking. The creation of a separate business line for CIB, which
focuses on supporting the capital markets, banking, and investment
needs of Wells Fargo’s corporate, government, and institutional
clients, recognizes the successful franchise the company has today
and opportunities to serve the needs of clients more broadly.
Commercial Real Estate will become a part of CIB. Weiss also
oversees Wells Fargo’s international client businesses and their
operations.
- The company will conduct a search for a new CEO of Wealth &
Investment Management, and Weiss continues to serve in that role on
an interim basis until that leader is named. Wealth &
Investment Management provides a full range of personalized wealth
management, investment, asset management, and retirement products
and services to clients across its businesses that include Wells
Fargo Advisors, The Private Bank, Abbot Downing, and Wells Fargo
Asset Management.
- Mike Weinbach, who most recently served as the CEO of Chase
Home Lending at JPMorgan Chase, will join Wells Fargo in early May
as CEO of Consumer Lending, elevating a core competency of the
company that provides critical capabilities to fulfill the
financial needs of customers. In his new role, Weinbach will be
responsible for Home Lending, Auto, Credit Cards & Merchant
Services, and Personal Loans. Mack is leading Consumer Lending on
an interim basis until Weinbach joins the company.
Wells Fargo also is making fundamental changes to the way the
company manages operations. These changes will enable the company
to strengthen how it serves clients and customers, drive
operational excellence, and execute on its regulatory priorities.
Each of the company’s business lines has core operations functions
led by operations leaders who report to Chief Operating Officer
Scott Powell, with joint reporting relationships to business line
CEOs. Powell, who reports to Scharf, also is creating a Sales
Practices Oversight and Management role that will establish an
integrated and consistent approach to sales practice monitoring,
analytics, and reporting across the company. Filling this role is
Michael Cleary, who joined the company on Feb. 4 from Santander US,
where he was co-President of Santander Bank and head of its
Consumer and Business Banking division.
Separately, the company is creating a new Strategy, Digital
Platform & Innovation group, reporting to Scharf and
responsible for Corporate Strategy and its Digital and Innovation
teams. The formation of this group positions Wells Fargo for the
future by enhancing the company’s focus on planning for the digital
future and investing in the customer experience. Powell is leading
this group on an interim basis while the company conducts a search
for the leader.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
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version on businesswire.com: https://www.businesswire.com/news/home/20200211005821/en/
Media Peter Gilchrist, 704-715-3213
peter.gilchrist@wellsfargo.com or Investor Relations John
Campbell, 415-396-0523 john.m.campbell@wellsfargo.com
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