In May, Mike Weinbach will join as CEO of Consumer Lending,which includes many of the products WellsFargos customers interact with most closely from home and auto loans to personal lines of credit. In this role, Santos will be responsible for leading efforts to make the company a place where diversity is reflected at all levels and in every facet of the companys operations, processes, and programs. Strategy and Operations Planning, led by Andrew Heller, will work with the COO leadership team to help drive our transformation agenda and provide project leadership, planning, and support across the COO teams priorities, said Chief Operating Officer Scott Powell. Its easy to see why Scharf took the job. In 2015, Wells came within a whisker of matching much bigger J.P. Morgans $22.5 billion in profits. 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. 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. Offers may be subject to change without notice. The big question is what overarching strategy Scharf deploy. On May 18, Brian Smith joined 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. 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. He was an executive ally for HPs LGBTQ community and has led efforts to advance gender equality programs and ensure access to learning for women and girls. He will succeed John Shrewsberry, who has announced plans to retire following a successful 22-year career with Wells Fargo, including the last six years as the companys CFO. For the past two years, she has chaired TD Banks global Women in Leadership program, supporting programs and practices to advance the careers of a diverse group of female employees. Previously, he served as CFO for the companys Investment Services businesses. Feb 11 Andrew Heller joins as Strategy and Operations Planning leader, reporting to COO Scott Powell. Well soon see if the student is a match for the teacher. On July 9, Wells Fargo announced that Kristy Fercho will join the company at the beginning of August as the new head of Wells Fargo Home Lending. Seventeen years later, Scharf will soon be competing against the mentor he followed for a quarter-century as the new CEO of Wells Fargo. 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. Since the bank's wide-ranging sales practices scandal first 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. Wells also replaced four directors. Sloan exited in March of this year, replaced by Wells general counsel Allen Parker as interim CEO. Wells Fargos new CEO Charlie Scharf: We will get it done We and our partners use cookies to Store and/or access information on a device. In this role, Michael will establish an integrated and consistent approach to sales practice monitoring, analytics, and reporting across the company. Scharf sees these changes as fundamental for the business going forward. Mike is a strategic-minded CFO with success in building and leading global finance teams that help drive business improvement, Scharf said. I was just following the best leader Ive ever seen.. In 2019, HP climbed to No. In 2002, Scharf rose to head Bank Ones consumer franchise of 1700 branches. At Santander US, where he was co-president of Santander Bank and head of Consumer and Business Banking, Clearys responsibilities included Retail Banking, Business Banking, Home Lending, Wealth Management, Customer Experience, and Operations. Nate brings a wealth of corporate citizenship, charitable giving, public affairs, and sustainability experience in the private, public, and nonprofit sectors to WellsFargo, said Bill Daley, vice chairman of Public Affairs at WellsFargo. As part of the reorganization, Scharf aligned control executives with each of the companys businesses who will have a dual line of reporting to their respective CEOs and up through a separate operations team. Scharf installed sales targets and quotas what rewarded the best performers with $65,000 payouts, and zip to the lowest quintile, and handed the sales people who achieved the highest volumes bonuses over $100,000. Williams will report to CEO Charlie Scharf and serve on the companys Operating Committee. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. In the spring of 2002, I was lunching with Charlie Scharf in the dining room of Bank Ones Chicago headquarters while reporting a story on Jamie Dimons comeback in reviving the ailing midwestern lender, following his famous firing by Sandy Weill at Citigroup. In February, Wells Fargo entered into agreements with the United States Department of Justice and the United States Securities and Exchange Commission to resolve these agencies investigations into the companys historical Community Bank sales practices and related disclosures. CEO Charlie Scharf discussed next steps for the company with the U.S. House Committee on Financial Services on March 10. He has also held numerous executive roles at JPMorgan Chase. For all the lessons hes absorbed from Dimon, Scharf brings a less emotive, more deliberative style to leadership. A native New Yorker, Scharf had frequently been working from his home city, and clearly wanted to return. You are leaving wellsfargo.com/stories and Heres a portrait of For 2021, medical plan premiums will remain flat for almost 54,000 employees and will be lowered for more than 20,000 employees. He will also serve as President of the WellsFargo Foundation. Those fears proved unfounded when Scharf accepted Wells offer on September 27, with a starting date of October 21. We know we have some challenges in front of us. Weinbach joins WellsFargo after 16 years at JPMorgan Chase where he was most recently CEO of Chase Home Lending. 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. 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. In addition to the changes made at the senior leadership level, the Board has focused on enhancing its composition, oversight, and governance practices. He also announced an enhanced risk management structure with five line-of-business chief risk officers reporting to Chief Risk Officer Mandy Norton and a new head of the Operational Risk Management team. Seraphina, 53, went on to marry a lawyer named Nick, with whom she had a daughter, Charlotte. Charles W. Scharf Biography CEO and President Wells Fargo He talked into this huge sqawk box like the one in Charlies Angels. 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. We thought Elsie is, like, kind of a Scharf also oversaw the acquisition and integration of a major casualty of the financial crisis, Washington Mutual, where he laid off 9200 workers. 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. April 27 Scharf announces that Lester Owens will join the COO leadership team as Head of Operations, a new role responsible for building integration across Wells Fargos business operations functions serving on the Operating Committee. Since the start of 2016, Wells stock has gone nowhere, while J.P. Morgans and B of As shares roughly doubled. On Jan. 6, Muneera Carr joined as Controller, managing corporate tax, accounting, and reporting, as well as controllership activities such as financial controls and oversight policies and processes for the companys business groups and enterprise functions. The combined organization will drive innovation and maximize the positive societal, environmental, and economic impact that WellsFargo brings to the communities it serves. It is designed for consumers seeking an account to help manage their spending, or who are new to banking, such as young adults. The decree will stay in place until what the Fed characterized as widespread abuses and other compliance breakdowns are fixed. July 20 Scharf announces that Ather Williams III will join WellsFargo as Head of Strategy, Digital and Innovation, leading innovation priorities to drive transformation, reporting to the CEO and serving on the companys Operating Committee. He will report to CEO Charlie Scharf and serve on the companys Operating Committee. He has a demonstrated track record in leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. We can and will do the work necessary to create the right environment inside the company to allow us to grow successfully. We must also do what it takes to become more efficient regardless of our operating environment, which will allow us to be a source of strength for customers, communities, and employees, he added. 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. 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