May 13 Scharf announces Nate Hurst will join the Public Affairs leadership team to lead Corporate Responsibility, Philanthropy, Community Relations, and Sustainability. The new offering is a way for the company to help satisfy the financial needs of more customers and further expand access to mainstream banking services, said Mary Mack, CEO of Consumer and Small Business Banking. Read his prepared remarks (PDF). 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. Fercho has 18 years of leadership experience in the mortgage industry and will replace Michael DeVito, who has announced plans to retire later this summer after more than 23 years with Wells Fargo. We know we have some challenges in front of us. Feb. 11 Scharf announces that 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. Feb 11 Andrew Heller joins as Strategy and Operations Planning leader, reporting to COO Scott Powell. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. On June 22, Barry Sommers joined the company as CEO of Wealth & Investment Management, reporting to CEO Charlie Scharf. Their extended families reside on the East Coast. Dimon hired Scharf as a part-timer while he was still at Hopkins, then as a bona fide employee when Scharf graduated in 1986. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Heller joins from Santander US, where he was chief of staff to the CEO and head of transformation. 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. Barry is a proven leader with deep experience in wealth management. The focus on strengthening the companys control environment goes beyond just meeting the expectations of its regulators. Prior to joining Santander in 2015, Cleary was group executive vice president and head of U.S. Distribution at Citizens Bank. 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. 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. So why did you trade a great job for a jump into the unknown, and a pay cut, I asked. He sounds almost awestruck as he In October, the company announced significant investments to help make health care more affordable for its employees by lowering premiums, copays, and deductibles in many plans. Noski is a retired vice chairman and former chief financial officer of Bank of America Corporation. To help chart the companys future, major changes have been made at the senior leadership level. 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. All line of business leaders will report directly to Scharf and will sit on WellsFargos Operating Committee. Muneera brings to our Controllers team deep knowledge and expertise that will help drive our continued transformation, said Chief Financial Officer John Shrewsberry. 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. Before he became CEO and Chairman at BNY Mellon, Charlie was at Visa Inc. serving it as CEO and Director since 2012 to 2016. He is action oriented and will be an important partner to me and our entire Operating Committee as we move our company forward.. Nonprofit leadership. The damning publicity sent new account growth plummeting, and Wells faced multibillion dollar legal bills from employee and shareholder suits. Over a majority of the Boards independent directors joined the Board since January 2017, and the Board has rotated six of seven Board committee chair roles. 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. 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. Scharfs Management Style is Reserved, Hands-On, Inclusive, Intense. 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. The new risk model will have five line-of-business Chief Risk Officers along with other teams aligned by risk type, each reporting to Wells Fargo CRO Mandy Norton. At WellsFargo, Scharf has stressed urgency, accountability, and execution as what will drive the company forward. About Charles W. Scharf. How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Stocks Dragged Down by Tech as Yields Stay Higher: Markets Wrap, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal, Cash Is Paying More Than Traditional Stock-Bond Portfolio. The company will conduct a search for the new CROs for its Commercial Banking, Consumer & Small Business Banking, Corporate & Investment Banking, and Wealth & Investment Management businesses. WeWork IPO filing withdrawn as roadshow leads to a dead endWhats the difference between a recession and a depression? Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Initially, lower-level managers retaliated against the whistleblowers, and top brass, including CEO John Stumpf, failed to take prompt action. Seraphina, 53, went on to marry a lawyer named Nick, with whom she had a daughter, Charlotte. Terms & Conditions. He was a member of the firm's Operating Committee and its Executive Committee. The publicly-listed BNY Mellon has an estimated valuation of 57.8 Billion USD in terms of market cap. Scharf himself led both Visa and BNY Mellon. 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. Kevin Reen, who most recently served as JPMorgans CRO for its Card Services business, will join Wells Fargo in August as CRO of Consumer Lending and will report to Norton. The global banking and financial services firm, BNY Mellon witnesses competition from: In 2017, Mellon CEO Charles made it to the list of top-paid CEOs in America by racking up a total salary of 17.1 million USD. We need to recognize that and make sure that we're doing everything we can to operate the company to the highest standards of operational excellence., The company was not prepared to prevent inappropriate conduct. Patterson is a graduate of Columbia Law School and received her undergraduate degree from Harvard University. Both are highly analytical, and masters of numbers. Before that, he was CEO of JP Morgan Chases Retail Financial Services from 2004 to 2011. But in his new role, Scharf is the first Dimon protege to become a head-to-head rival. Since the start of 2016, Wells stock has gone nowhere, while J.P. Morgans and B of As shares roughly doubled. Offers may be subject to change without notice. Stumpf left a month later, replaced by 20-year Wells veteran Tim Sloan. Feb. 11 Scharf unveils a flatter organizational structure that reorganizes leader responsibilities. Wells Fargo & Co. Chief Executive Charlie Scharf has been in national headlines, after his ignorant comments regarding the lack of blacks working at his Fortune 500, Multi-Billion dollar company. 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. Funeral service will be 10:30 a.m. Thursday, March 17 at St. Paul's Ev. While Wells Fargo is undergoing a tremendous amount of change, Scharf is quick to point out that it was his admiration for the company that led him to join as CEO, and he still sees the outstanding potential that lies ahead. 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. 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. But in his new role, Scharf is the first Dimon protege to become a head-to-head rival. Shortly after the merger, Weill fired Dimon. But where Dimon is outspoken and bombastic, Scharf is cool and soft-spoken, and almost scholarly in his approach. Speaking at his first town hall in October 2019, one week into his role as Wells Fargo CEO, Charlie Scharfs message for the company was clear: We all have to demand more from each other. The seriousness of what we do brings tremendous responsibility. Our work has tremendous impact upon people. As Scharf acknowledged, At the time of the sales practices issues, the company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct, he said. Hes an expert at enticing branch customers to buy more products, from credit cards to mortgages. He has also held numerous executive roles at JPMorgan Chase. Wells Fargos new CEO Charlie Scharf: We will get it done While the path to recovery from the pandemic is uncertain, the work in front of us is clear and demanding, Scharf said. Scharf three main challenges: winning the support of regulators unmoved by his predecessors reforms, restoring Wells reputation with customers, and getting what was once a powerful growth machine moving once again. 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. Private Banking businesses. This expanded credit access was informed by ongoing engagement with the Mexican American Legal Defense and Education Fund (MALDEF), which helped give the bank valuable insight into the needs of young DACA individuals. He also served as the CEO of J.P. Morgan Securities. An example of that can be seen in Wells Fargos recently introduced Clear Access Banking, a checkless account that helps customers avoid spending more than the amount available in their account without incurring overdraft or non-sufficient funds fees. June 22 Scharf announces that Barri Rafferty will join WellsFargo as Head of Corporate Communications and a member of the Public Affairs leadership 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. As a senior at Johns Hopkins University in Baltimore, Scharf sent his resume to Dimon, then partnering with Weill and other renegades at a subprime lender in town called Commercial Credit that provided loans to miners, nurses and factory workers. Meanwhile, the Wells board had launched a six-month search for a new CEO, and investors fretted that the banks fallen reputation, and its regulatory quagmire, would force settling for a second-tier candidate. For more about the companys progress, see Wells Fargo: Charting a New Future (PDF). As part of the process, Charles H. Noski was named Board chair on March 9. His resume reached Jamie Dimon through family relations. The big question is what overarching strategy Scharf deploy. Scharf sees these changes as fundamental for the business going forward. It added up to the San Francisco banks lowest quarterly net income in more than nine years. Hannah Levitt. June 22 WellsFargo announces Michael Lipsitz as Chief Policy Advisor, leading corporate policy development and implementation as a member of the Public Affairs team. 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. On Feb. 11, Andrew Heller joined as Strategy and Operations Planning leader. The following summer, he took the top job at custody provider BNY Mellon, and immediately targeted its excessively large staff in operations. Effective June 1, Nate Hurst joins the WellsFargo Public Affairs leadership team to lead Corporate Responsibility, Philanthropy, Community Relations, and Sustainability. 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. Updated Nov. 30, 2020 | This story has been updated to include leadership changes and major company announcements. Scharf has built a leadership team composed of executives from inside and outside the company who have deep financial services experience and have turned around and run complex financial institutions. As BNY Mellon CEO, Charles Scharf wants to transform the company into a topnotch technology platform where clients can depend on its advice and leadership. The package consisted of a $2.5 million salary, a $5.4 million cash bonus, $10.8 million in performance shares awards and $5.8 million in restricted share rights. A few months later, Wells admitted to wrongly charging fees to a substantial number of the 110,000 customers who were hit with charges for failing to close their mortgages on time to benefit from locked-in rate. not responsible for the content, links, privacy policy, or security Scharf rode shotgun with Weill and Dimon as they built the universal bank model through a chain of acquisitions including Primerica, Smith Barney, Salomon Bros., and Travelers. 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. Under her leadership, the agency won significant recognition, including being the most-awarded PR firm at Cannes 2019, 2018, and 2017. FORTUNE may receive compensation for some links to products and services on this website. In 2019, HP climbed to No. The company had made a bunch of mistakes, he says. 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. Sloan exited in March of this year, replaced by Wells general counsel Allen Parker as interim CEO. 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. March 5 Wells Fargo announces it will provide access to a suite of credit products to Deferred Action for Childhood Arrival (DACA) recipients beginning this year and continuing into 2021. We look forward to her leadership as we redefine the companys culture, voice, and narrative.. Directly tie compensation of Operating Committee members to improvement of diversity and inclusion in their areas of oversight. In November, Kleber Santos joined the company as head of the newly created Diverse Segments, Representation and Inclusion, reporting directly to Scharf. Our board and management team are working with a sense of urgency to drive important cultural and structural changes at WellsFargo, and I look forward to working with Steve and the other directors to continue the transformation of our company.. During this time, she was responsible for bank operations supporting all consumer and commercial products and services while also overseeing the companys incident management and business continuity processes. March 9 Wells Fargo announced Chuck Noski as new Chair of the Wells Fargo Board of Directors following the resignation of Betsy Duke, who had been Chair; Jim Quigley also announced his resignation from the Board. Despite its problems, Wells remains one of Americas most profitable companies, and its stock price, at a PE of around 10, is depressed, meaning investors dont expect much improvement. Sommers also served as CEO of the Consumer Bank, where he managed the bank branch network. Mr. A strong advocate for diversity and inclusion, Hurst has a proven track record of being inclusive of diverse perspectives. Prior to joining BNY Mellon, he spent 11 years at JPMorgan Chase in a number of key finance leadership roles, including CFO for Banking, which included Investment Banking (advisory and equity & debt capital markets) and Treasury Services. As a member of Capital Ones executive team, Santos was deeply engaged in diversity efforts, including in the development of products and services and in partnering with community and consumer advocacy groups. Education: Johns Hopkins University (BA); New York University (MBA) 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. His innovations doubled credit card sales, and led to a big increase in one-stop-shop customers who added home equity loans and mortgages. 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. Buying a home remains one of the most important financial decisions our customers will make in their lifetime, and Kristy is the right person to help us ensure that no one can do it better for them than Wells Fargo.. 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. Since the bank's wide-ranging sales practices scandal first 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. 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. By the close of 2018, its earnings had fallen eight percent to $20.7 billion. Additionally, he helped advance diversity and inclusion in the workplace by enhancing his divisions recruiting efforts to require more diverse candidate pools and interview panels, helping introduce diversity-focused training and retention programs, launching a formal mentoring program, significantly increasing diverse representation on his leadership team, and chairing the Retail and Direct Banking Diversity Council. His wife Amy E. Scharf and he have two daughters. Santomassimo has more than 20 years of leadership experience in banking and finance. I was just following the best leader Ive ever seen.. In his new role at WellsFargo, Hurst will oversee the alignment of WellsFargossustainability and corporate responsibilityefforts with corporate philanthropy and community relations. The additions include a new chief financial officer; chief operating officer; CEO of Consumer Lending; CEO of Wealth & Investment Management; head of Operations; vice chair of Public Affairs; lead control executive; general counsel, and head of the newly established Strategy, Digital & Innovation team. Jan. 21 WellsFargo receives top honors for the second consecutive year by the Bloomberg 2020 Gender-Equality Index. On Dec. 2, 2019, Christel Kennedy joined as head of Business Continuity and Resiliency, reporting to Saul Van Beurden, head of Technology. Kleber brings a unique set of leadership and business skills that, combined with his experiences driving diversity and inclusion outcomes, will enable us to drive meaningful change throughout the organization and better serve our diverse customer base and underserved communities, Scharf said. His experience, knowledge, and energy will be welcome as we continue our transformation, said Scharf. The Bank of New York Mellon Corporation or BNY Mellon was established by Founders Thomas Mellon, Aaron Burr, and Alexander Hamilton. Since 2015, Kennedy has held several roles at Santander Bank and most recently was the companys chief operating officer and director of Change Management. 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. In addition to leading Finance at BNY Mellon, Santomassimo was responsible for the firms regulatory relations, enterprise resiliency office, third-party governance, and other corporate services. 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. Dec. 9 Scharf also announces plans to expand his leadership team to further build the companys operations and controls, including a lead control executive to oversee control personnel across the enterprise, and a strategy and operations planning leader. 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. Since Wells foundered because of a hyper-aggressive sales culture, its interesting that Scharf throughout his banking career has successfully championed growth. On Dec. 9, 2019, Scott Powell joined WellsFargo as Chief Operating Officer, a new position created by Scharf to oversee regulatory execution and relations, enterprise shared services, and a range of operational functions across the company and serves on the banks Operating Committee. In 2015, Wells came within a whisker of matching much bigger J.P. Morgans $22.5 billion in profits. From 2000 to 2002, he worked at Bank One Corp., from 1999 to 2000, he served Citigroups Global Corporate and Investment Bank division, and from 1995 to 1999, he led Salomon Smith Barney and its ancestor company as CFO. I think Charlie is well known to everybody here. April 28 Steven D. Black is elected to the Wells Fargo Board of Directors. 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. 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. Scharf himself led both Visa and BNY Mellon. I firmly believe we have a great future in front of us, Scharf said. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! June 17 Scharf announces that Barry Sommers will join WellsFargo as CEO of Wealth & Investment Management, overseeing WellsFargo Advisors, Private Wealth Management comprised of The Private Bank and Abbot Downing WellsFargo Asset Management, reporting to the CEO and serving on the companys Operating Committee. He will also serve as President of the WellsFargo Foundation. Charlie Scharf took over a tough job when he agreed to be CEO of scandal-ridden Wells Fargo. 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. Sommers will have responsibility for the companys delivery of wealth management, investment, and retirement products and services to clients through its U.S.-based businesses, including Wells Fargo Advisors, Private Wealth Management comprised of The Private Bank and Abbot Downing and Wells Fargo Asset Management. In this role, she helps define, govern, and execute the companys Business Continuity Program and continue to integrate and strengthen the banks Corporate Security infrastructure. The seriousness of what we do brings tremendous responsibility. Scharf Charles A. Scharf, Sr., 94, of New Ulm died Thursday, March 10, 2005 at St. Mary's Hospital in Rochester. We can and will do the work necessary to create the right environment inside the company to allow us to grow successfully. In early February, Scharf unveiled a flatter organizational structure for Wells Fargo, designed to provide leaders with clear authority and responsibility. She will report to Bill Daley, vice chairman of Public Affairs, and sit on the companys Management Committee. May 29 Scharf announces an enhanced organizational structure to manage risk across the Company, including a new model with five line-of-business Chief Risk Officers reporting to Chief Risk Officer Mandy Norton. Scroll right through this wiki). LinkedIn has officially entered its cringe era, and its working. Speaking at his first town hall in October 2019, one week into his role as Wells Fargo CEO, Charlie Scharfs message for the company was clear: We all have to demand more from each other. He has a broad range of experiences in the consumer space and will be a great addition to our management team.. I have known Scott for many years, and his tremendous experience, proven track record and unquestioned integrity will make him a great addition to our management team, Scharf said. Williams will report to CEO Charlie Scharf and serve on the companys Operating Committee. Im delighted that weve been able to attract someone with Mikes experience, skills and knowledge to WellsFargo, said Scharf. Their extended families reside on the East Coast. 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 a replay of the move at Bank One, he helped to combine mismatched computer systems. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. On July 20, Wells Fargo announced that Ather Williams III will join the company in October 2020 as head of Strategy, Digital and Innovation. 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. WebAndy is the high school sweetheart of Prue Halliwell. Our work has tremendous impact upon people. 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. We have a group of businesses that are the envy of the industry. Since its wide-ranging sales practices scandal first Share this on LinkedIn now, opens a dialog. 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. In 2016, he shocked the financial services world by departing at age 51. He shared wedding vows with Amy Scharf in a private ceremony. He prefers to keep information about his wife low-key and hasn't shared any details of her profession and background. With Amy, he is the father of two daughters. The family of four spend their time in their luxurious house in Westchester, New York. She will be a tremendous addition to WellsFargo.. 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. A new Wells thats growing again, at peace with regulators, and regaining the trust of customers would prove a strong rival to B of A, and Dimons J.P. Morgan. Black has served as co-CEO of Bregal Investments, a private equity firm, since September 2012. 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