All rights reserved. He also served as the CEO of J.P. Morgan Securities. The man who was Dimons twenty-something assistant is now playing in the big, big leagues dominated by his legendary former boss. The addition of Bill and this role to our Operating Committee is an important statement that we want different perspectives on our senior-most management committee and that we will think more broadly about our stakeholders as we move forward.. Wells Fargos new CEO Charlie Scharf: We will get it done Earlier this year, the company also announced plans to provide access to a suite of credit products to Deferred Action for Childhood Arrivals (DACA) recipients, beginning this year and continuing into 2021. He will also serve on the Operating Committee. not responsible for the content, links, privacy policy, or security Feb. 11 Scharf unveils a flatter organizational structure that reorganizes leader responsibilities. On Nov. 13, 2019, Bill Daley joined as vice chairman of Public Affairs and member of the Operating Committee. His first job was at Commercial Credit in 1980s, when he worked for Jamie Dimon as Assistant. 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. After J.P. Morgan bought Bank One in 2004 for $57 billion, Scharf took top consumer job running a giant franchise of over 5000 branches. Heller joins from Santander US, where he was chief of staff to the CEO and head of transformation. March 13 Scharf announces that Ellen Patterson will join Wells Fargo as general counsel, overseeing all legal affairs as a member of the Operating Committee and reporting to the CEO. The focus on strengthening the companys control environment goes beyond just meeting the expectations of its regulators. His brother, Ben, along with Ben's wife and child died in a car accident shortly after he was As a member of The White House Council on Environmental Quality for former U.S. President Bill Clinton, he helped develop the administrations environmental policy agenda and executed a stakeholder engagement plan on leading issues such as climate change; and as national spokesperson for The Ocean Conservancy, Hurst spearheaded big ideas to reduce ocean plastic and led communications strategies, international coastal cleanups, and community grassroots campaigns. His experience, knowledge, and energy will be welcome as we continue our transformation, said Scharf. Meanwhile, Bank of America, a former basket case, is thriving under CEO Brian Moynihan, Dimons J.P. Morgan continues its run as the champ, and Scharfs alma mater Citigroup, a player that long fell far short of Wells superb performance, is outpacing Wells by showing modest growth in profits under Scharfs former Citi colleague, Michael Corbat. In this role, Daley leads Corporate Communications, Government Relations & Public Policy, Sustainability & Corporate Responsibility, and Corporate Philanthropy & Community Relations. Mike is a strategic-minded CFO with success in building and leading global finance teams that help drive business improvement, Scharf said. (Podcast). He also served as CFO of JPMorgans Securities Services & U.S. Since then, Scharf has focused on doing exactly that. His resume reached Jamie Dimon through family relations. Prior to joining Santander in 2015, Cleary was group executive vice president and head of U.S. Distribution at Citizens Bank. 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. In this role, Michael will establish an integrated and consistent approach to sales practice monitoring, analytics, and reporting across the company. Daley brings extensive experience in both the public sector and business, including serving as Chief of Staff to President Barack Obama and Secretary of Commerce in the Clinton administration. She has been an inspiring and vocal leader across the mortgage industry while driving transformational growth at Flagstar, said Mike Weinbach, CEO of Consumer Lending at Wells Fargo. Why? Both are highly analytical, and masters of numbers. Before that, he spent time as the CEO of Chase Wealth Management, where he helped build the Chase Private Client Services business. In July of 2017, Wells apologized for charging as many as 570,000 customers for car insurance they didnt need. Seventeen years later, Scharf will soon be competing against the mentor he followed for a quarter-century as the new CEO of Wells Fargo. Terms & Conditions. Williams will report to CEO Charlie Scharf and serve on the companys Operating Committee. Since the start of 2016, Wells stock has gone nowhere, while J.P. Morgans and B of As shares roughly doubled. March 10 Scharf announces that Wells Fargo plans to invest up to $50 million in African American Minority Depository Institutions. Carr has also worked in the Office of the Chief Accountant at the United States Securities and Exchange Commission and for Bank of America, SunTrust, and PricewaterhouseCoopers. Jan. 21 The Human Rights Campaign also awards WellsFargo a 100% rating and the designation of being a Best Place to Work for LGBTQ Equality for the 17th year in a row. Judging from Scharfs approach in the past, hell want to restart sales in a big way, and wont be discouraged that a growth obsession got Wells in trouble. He is a strong voice who brings perspectives from the public sector that we in business do not generally have but are critical for us as we make decisions. The bank created a platform called Chase Merchant Services designed to deliver creative rewards programs to merchants and customers, and as part of the deal, Visa won a 10-year agreement to process the electronic payments forming the backbone of the venture. Patterson joins Wells Fargo after more than seven years at TD Bank Group, where she most recently served as group head and general counsel responsible for leading the banks global Legal, Compliance, Anti-Money Laundering, Corporate Secretary, Global Security & Investigations, and Fraud Risk Management teams. The Board has conducted a thoughtful, deliberate refreshment process. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Subprime auto lender folds as more Americans fall behind on car payments, CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Continue with Recommended Cookies, After Gerald Hassells departure, Charles W. Scharf has been selected as CEO of American banking and financial services holding firm, BNY Mellon, in 2017. Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead WellsFargos continued transformation.. I know many have worked hard on these efforts, but we have not yet accomplished whats required, and there is more difficult work ahead. 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. Prior to joining Visa Inc., Mr. Scharf spent nine years at JPMorgan Chase as the Chief Executive Officer of Retail Financial Services, one of JPMorgan Chase's six lines of business, and a major issuer of Visa branded cards. We know we have some challenges in front of us. WebFor a better experience please change your browser to CHROME, FIREFOX, OPERA or Internet Explorer. Well soon see if the student is a match for the teacher. This integrated operations organization is designed to enable the lines of business to work more collaboratively and consistently across the company while ensuring the right level of oversight. On Oct. 21, 2020, it was announced that Lipsitz would join the Chief Operating Officer (COO) organization as Chief Regulatory and Policy Affairs Executive. Cleary has an undergraduate degree from Princeton University and an MBA from the Amos Tuck School of Business at Dartmouth College. WebWells Fargo CEO Charlie Scharf has transformed the upper ranks of the fourth-biggest US bank since joining in 2019. Powell most recently was CEO of Santander Holdings USA, where he led the companys financial turnaround, including resolving significant regulatory issues, implementing customer-focused oversight programs, and improving financial and operating controls. Read his prepared remarks (PDF). Santomassimo will report to CEO Charlie Scharf and serve on the companys Operating Committee. From 2002 to 2004, he was CEO of Bank One Corps retail business. Dimons conservative policies sustained J.P. Morgan through the storm, and Scharf admired the way his mentor spurned the high-risk businesses that sank so many competitors. Mr. To succeed, Scharf, 54, will 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 Dec. 2, 2019, Christel Kennedy joined as head of Business Continuity and Resiliency, reporting to Saul Van Beurden, head of Technology. Charlies financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our boards search committee, Duke said. For 2021, medical plan premiums will remain flat for almost 54,000 employees and will be lowered for more than 20,000 employees. Among his accomplishments were developing the frameworks, policies and procedures, and governance to comply with regulatory guidance for safety and soundness, consumer protection, information security, regulatory compliance, and new business initiatives. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Scharf himself led both Visa and BNY Mellon. 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. March 3 Wells Fargo announces plans to introduce two bank accounts in 2021 that expand access to mainstream banking services: a checkless, no-overdraft-fee account, and an account that includes checks and will cap overdraft or insufficient funds fees at one per month. 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