Directly tie compensation of Operating Committee members to improvement of diversity and inclusion in their areas of oversight. Updated Nov. 30, 2020 | This story has been updated to include leadership changes and major company announcements. June 22 WellsFargo announces Michael Lipsitz as Chief Policy Advisor, leading corporate policy development and implementation as a member of the Public Affairs team. On June 22, Barry Sommers joined the company as CEO of Wealth & Investment Management, reporting to CEO Charlie Scharf. Scroll right through this wiki). He also announced that Kevin Reen will join WellsFargo as CRO of Consumer Lending, and Bill Juliano as Head of the Operational Risk Management team. Black has more than 45 years of financial services experience, including at JPMorgan Chase & Co. where he served in leadership positions in its investment banking business. Following that role, he was vice chairman and administrative officer of the Kessler Group. He was a member of the firm's Operating Committee and its Executive Committee. Wells Fargo teamed up with personal finance and organizational experts Marsha Barnes and Jen Robin to bring the joy of simplicity to your finances with a wallet edit. Effective June 1, Nate Hurst joins the WellsFargo Public Affairs leadership team to lead Corporate Responsibility, Philanthropy, Community Relations, and Sustainability. She will play a critical leadership role on our Operating Committee as we continue to work on our companys top priority of meeting regulatory expectations.. In a phone interview with analysts, he gave few specifics, saying simply that the first priority is to get the regulatory issues behind us. Thats essential to clearing the way for the two goals Scharf typically targets, raising sales without shouldering big risks, and slashing overhead and processing costs. With more than 24 years in the banking and payments industries including most recently holding the position of chairman and CEO of Bank of New York Mellon, and prior to that, CEO of Visa Scharf has a proven track record of initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape, said WellsFargo Board Chair Betsy Duke. Institute anti-racism training for all managers. Share this on Twitter now, opens a dialog. Heres what history tells usCharles Schwab on the lessons hes learned over a lifetime of investingThe 5 most valuable unicorns, according to their latest funding roundsPerformance chasingand why it can be perilous for your portfolioDont miss the daily Term Sheet, Fortunes newsletter on deals and dealmakers. He sounds almost awestruck as he The new organizational structure has five principal lines of business, each with a CEO who reports directly to Scharf and is represented on the companys Operating Committee. He also found fresh avenues for growth. I have worked with Ray for many years, both at JPMorgan Chase and when I was at Visa, Scharf said. Scharf, then 37, was a rising star at Citigroup as CFO of its Corporate and Investment Bank when he took a flyer by joining Dimon to spearhead a salvage operation at a laggard so broken that many on Wall Street reckoned it couldnt be fixed. Hes the ideal person to take on this new position as we seek to transform WellsFargo so that high-quality execution, clear accountability and operational excellence become unquestioned components of our culture.. Hurst joins WellsFargo from HP Inc., where he was chief Sustainability & Social Impact officer responsible for driving HPs global giving, environmental stewardship, and social responsibility into its core businesses. Seraphina, 53, went on to marry a lawyer named Nick, with whom she had a daughter, Charlotte. Cleary brings deep and relevant experience to this newly created role, Powell said. The man who was Dimons twenty-something assistant is now playing in the big, big leagues dominated by his legendary former boss. He is the oldest of three children. He has put together a leadership team of executives from inside and outside of the company charged with doing the foundational work necessary to build the risk and control infrastructure appropriate for a company the size and complexity of Wells Fargo. My experience with Bill is that he does not think like a banker, Scharf said. A native New Yorker, Scharf had frequently been working from his home city, and clearly wanted to return. He also served as the CEO of J.P. Morgan Securities. The focus on strengthening the companys control environment goes beyond just meeting the expectations of its regulators. Santos joins Wells Fargo from Capital One, where he worked for 15 years in a number of senior roles, most recently as president of Retail and Direct Banking, accountable for the divisions revenue, product development and marketing, branches and ATMs, and operations. Its easy to see why Scharf took the job. For more about the companys progress, see Wells Fargo: Charting a New Future (PDF). The combined organization will drive innovation and maximize the positive societal, environmental, and economic impact that WellsFargo brings to the communities it serves. Their extended families reside on the East Coast. Scharf has led Wells Fargos far-reaching response to the COVID-19 crisis, including payment relief for millions of consumers, small businesses, and commercial customers; extra financial compensation for many employees, including those whose jobs require in-person services to customers; and a $23 million donation to the companys WE Care Fund for employees who face financial hardship. All rights reserved. Why? May 18 Brian Smith joins the Public Affairs leadership team as the head of Government Relations & Public Policy, leading Federal and State and Local Government Relations, Public Policy, Political Programs, and External Relations. Before joining Chase, he founded a business focused on workplace motivation and held positions at Citigroup. Wells Fargos new CEO Charlie Scharf: We will get it done He began his career at Smith Barney, where he held a variety of roles including as co-head of the Strategy and Finance team for the brokerage division. Muneera brings to our Controllers team deep knowledge and expertise that will help drive our continued transformation, said Chief Financial Officer John Shrewsberry. Prior to joining Santander in 2015, Cleary was group executive vice president and head of U.S. Distribution at Citizens Bank. Wells Fargo & Co. raised Chief Executive Officer Charlie Scharfs pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the banks rivals. This investment is part of Wells Fargos commitment to African American communities. In his first week, Scharf also signed the Statement on the Purpose of a Corporation issued by the Business Roundtable, which acknowledges that businesses are responsible to a broad set of constituents including customers, employees, suppliers, and the communities in which companies operate. Im delighted that weve been able to attract someone with Mikes experience, skills and knowledge to WellsFargo, said Scharf. (Also read: Bank of America CEO Email & Net Worth Brian Moynihan). Since the bank's wide-ranging sales practices scandal first You can see that a series of legacy issues meaningfully impacted our results in the quarter, CEO Charlie Scharf said during a call with analysts. The Commercial Credit crew were a bunch of rowdy Wall Street refugees striving to build their own empire, including future Travelers and Citi CEOs Bob Lipp and Chuck Prince. During his time at JPMorgan Chase, Black held numerous roles including Investment Bank executive chairman from 2009 to 2010; co-CEO of the Investment Bank from 2004 to 2009; Investment Bank deputy co-CEO from 2003 to 2004; and head of the Investment Banks Global Equities business from 2000 to 2003. On Feb. 4, Michael Cleary joined as head of Sales Practices Oversight and Management, reporting to Chief Operations Officer Scott Powell, to ensure WellsFargo has the right policies and procedures in place to prevent and ensure customers have the necessary support when problems arise. Among the commitments Scharf announced: Representation: Wells Fargo is committed to doubling Black leadership over the next five years. Previously, he served as CFO for the companys Investment Services businesses. We look forward to her leadership as we redefine the companys culture, voice, and narrative.. The family of four spend their time in their luxurious house in Westchester, New York. Scharf brings more than 24years of leadership experience in the banking and payments industries to WellsFargo, including CEO roles at Visa and Bank of New York Mellon. On Oct. 21, 2020, it was announced that Lipsitz would join the Chief Operating Officer (COO) organization as Chief Regulatory and Policy Affairs Executive. Fercho began her career and served in a variety of sales, operations, and human resources roles at Baxter International before moving to Pepsico Inc., where she ultimately was director of worldwide corporate human resources. For 2021, medical plan premiums will remain flat for almost 54,000 employees and will be lowered for more than 20,000 employees. March 6 Scharf announces a set of initiatives to accelerate the companys building of a more diverse and inclusive workforce, including programs designed to increase diverse representation in senior-level roles. We are fortunate to be able to add Steve to the board, Scharf said. In addition, Wells Fargo will make mortgage and home equity loans to certain eligible DACA customers except where prohibited by specific investors. He will also serve as President of the WellsFargo Foundation. Other hires have been made in key areas across the enterprise, including Cards, Retail and Merchant Services; Corporate Controller; Corporate Communications; Social Impact & Sustainability; Corporate Risk; Government Relations & Public Policy; Sales Practices Oversight & Management; Strategy and Operations Planning; and Technology. Wells Fargo has also announced its commitment to support a newly announced set of initiatives by the Business Roundtable focused on racial justice, equity, and efforts to create a more inclusive financial system. In 2002, Scharf rose to head Bank Ones consumer franchise of 1700 branches. Before that, he was CEO of JP Morgan Chases Retail Financial Services from 2004 to 2011. Wells Fargo is Racist As Hell. In a replay of the move at Bank One, he helped to combine mismatched computer systems. They will be a vital part of my leadership team as we continue to strengthen and transform our risk program under this new organizational structure, said Norton. Scharfs Management Style is Reserved, Hands-On, Inclusive, Intense. The board paid Scharf $24.5 million for his second full year atop Wells Fargo, up from $20.3 million for 2020, according to a filing Monday. Prior to joining BNY Mellon, he spent 10 years at JP Morgan Chase, where he was responsible for Global Wholesale Banking Operations, among other roles. Good business is all about stepping back, asking questions, accumulating the expertise to make the best decisions, he said in the Stern alumni magazine interview, Theres always an answer waiting to be found. Scharf isnt the only member of the fabled Dimon teams to become a financial services titanJes Staley and Bill Winters head British banks Barclays and Standard Chartered respectively, and Frank Bisignano served as chief of payments-processor First Data, recently purchased by Fiserv. Nov. 20 Scharf announces leadership changes in the Payments, Virtual Solutions and Innovation Group, including the appointment of Ray Fischer, formerly of JPMorgan Chase, as head of Cards, Retail and Merchant Services. 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, said Scharf. On Feb. 11, Andrew Heller joined as Strategy and Operations Planning leader. He also spent time at Goldman Sachs in its asset management division. While there, he was instrumental in negotiating and executing the Chase Merchant Services partnership with Visa that created a closed-loop payments platform for Chase cardholders and merchants. Effective November 9, Kleber Santos joined Wells Fargo as the head of the newly created Diverse Segments, Representation and Inclusion group. 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