This documentary-style series follows investigative journalists as they uncover the truth. Our work has tremendous impact upon people. 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. He served on the United Nations WomenGlobal Innovation Coalition for Change, and while at HP he championed technology products and external programs that focus on gender equality, education and achievement, youth entrepreneurship, and socially responsible business. Until April 2019, Sommers was CEO of Wealth Management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses. In early February, Scharf unveiled a flatter organizational structure for Wells Fargo, designed to provide leaders with clear authority and responsibility. He will also serve as President of the WellsFargo Foundation. All rights reserved. A native New Yorker, Scharf had frequently been working from his home city, and clearly wanted to return. Share this on LinkedIn now, opens a dialog. Before joining Chase, he founded a business focused on workplace motivation and held positions at Citigroup. 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. In 2012, Scharf left the Dimon orbit to become CEO of Visa near San Francisco, the biggest issuer of Chase credit and debit cards cards. 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. She will be a tremendous and valued addition to WellsFargo.. Education: Johns Hopkins University (BA); New York University (MBA) He will be focused on creating a more diverse and inclusive working environment and partnering with Wells Fargos business leaders to deliver products and services specifically designed to meet the needs of diverse customer segments. Our future depends on our ability to get this work done.. Nothing can or will stand in the way of this work. Before he came here, Charles worked at Visa Inc. as CEO and Director since 2012. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Weinbach joins WellsFargo after 16 years at JPMorgan Chase where he was most recently CEO of Chase Home Lending. Earlier, she served as general counsel for TD Banks U.S. banking operations. 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. Hannah Levitt. My experience with Bill is that he does not think like a banker, Scharf said. 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. April 28 Steven D. Black is elected to the Wells Fargo Board of Directors. 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. 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. Prior to joining Santander Bank, Kennedy held numerous technology, risk management, and business operations leadership roles at Citizens Financial Group, Inc., and JPMorgan Chase & Co. She has hands-on operational experience leading disaster recovery and business continuity planning and a track record of executing and driving transformational change, Van Beurden said. 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. Why? 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. Santomassimo will report to CEO Charlie Scharf and serve on the companys Operating Committee. 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. Ray has worked in financial services for nearly 40 years and has deep expertise in payments, cards, merchant services, and consumer finance.. 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. I was just following the best leader Ive ever seen.. Scharf also oversaw the acquisition and integration of a major casualty of the financial crisis, Washington Mutual, where he laid off 9200 workers. He is uniquely qualified to lead this group that aligns our strategic, long-term planning efforts with our strong focus on creating a more innovative, digitally enhanced company.. Charles W. Scharf Biography CEO and President Wells Fargo (Suggested read: Morgan Stanley CEO Email & Net Worth James Gorman), Your email address will not be published. He also served as CFO of JPMorgans Securities Services & U.S. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The retired vice chair and former chief financial officer of Bank of America joined Wells Fargos board in June 2019. Initially, lower-level managers retaliated against the whistleblowers, and top brass, including CEO John Stumpf, failed to take prompt action. Our No. On June 22, Barry Sommers joined the company as CEO of Wealth & Investment Management, reporting to CEO Charlie Scharf. I am passionate about providing outstanding customer experiences and helping customers live better lives. 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. He is a graduate of the Wharton School at the University of Pennsylvania and earned his MBA at Harvard Business School. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. 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. Your email address will not be published. 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. On Nov. 25, 2019, Ray Fischer joined to lead Cards, Retail and Merchant Services to lead development of innovative products and services enhancing customer and team member experiences. 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. 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. This includes creating five principal lines of business to ensure clear authority, accountability, and responsibility. 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. Deploying his classic playbook, Scharf lowered processing costs, establishing a new tech development center in India. Barri is a strategic and collaborative leader with deep experience in communications strategy, change management, brand marketing, and business transformation, said Daley. The efforts includes access to education loans, personal lines and loans, credit cards, auto loans, and small business credit. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Im delighted that weve been able to attract someone with Mikes experience, skills and knowledge to WellsFargo, said Scharf. Ellen is a seasoned lawyer with extensive experience in the financial services industry, where she has had responsibilities for managing and advising on global legal and regulatory compliance risks, Scharf said. Lester Owens will join the COO leadership team in the newly created role of head of operations, responsible for building a more unified, more integrated approach to WellsFargos business operations functions, the company announced April 27. 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. In 2016, he shocked the financial services world by departing at age 51. Under this multiyear program, the company will invest in leading technology and create policies to create a consistent team member experience globally. WebAndy is the high school sweetheart of Prue Halliwell. Jamie was known as The Kid and had all his unruly hair. I firmly believe we have a great future in front of us, Scharf said. Her accomplishments as CEO at Ketchum include repositioning the agency to better adapt to meet the needs and challenges of todays global and digital marketplace. Even excluding these significant items, our results are not as strong as we aspire to.. Owens joins WellsFargo from Bank of New York Mellon, where he was Global Head of Operations, responsible for a team of 20,000 employees supporting every stage of the client investment lifecycle, including account creation, trading, clearing and settlement, and asset servicing. Muneera brings to our Controllers team deep knowledge and expertise that will help drive our continued transformation, said Chief Financial Officer John Shrewsberry. Their extended families reside on the East Coast. 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. 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. March 10 Scharf announces that Wells Fargo plans to invest up to $50 million in African American Minority Depository Institutions. 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. We and our partners use cookies to Store and/or access information on a device. About Charles W. Scharf. Effective March 23, Ellen Patterson joins at General Counsel, overseeing all legal affairs as a member of the Operating Committee and reporting to the CEO. 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. We look forward to her leadership as we redefine the companys culture, voice, and narrative.. provided this link for your convenience, but does not endorse and is We will all benefit from having Lesters deep experience and talent in this critical role.. We are fortunate to be able to add Steve to the board, Scharf said. Click or tap to learn about the new leaders at Wells Fargo >>. While everyone at WellsFargo shares the responsibility for operational excellence, Lesters team will enable us to deliver the best experience possible for our customers while driving consistent execution across our business operations functions, including contact center operations, client servicing support, money movements within our businesses, lending operations, and other functions. 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. Cleary brings deep and relevant experience to this newly created role, Powell said. Lester previously led significant operations functions for Deutsche Bank, Citibank, and Bankers Trust. While the path to recovery from the pandemic is uncertain, the work in front of us is clear and demanding, Scharf said. He also created strong incentives for selling more products to Chase customers. 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. Under his leadership, the company has also helped nearly 194,000 businesses receive $10.5 billion in loans through the federal Paycheck Protection Program and donated approximately $400 million its total gross PPP fee revenue to nonprofits that assist small businesses. In four years, Scharf raised Visas stock price 135%, lifting its market cap by over $200 billion. 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. Dimon hired Scharf as a part-timer while he was still at Hopkins, then as a bona fide employee when Scharf graduated in 1986. 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. Our work has tremendous impact upon people. Wells Fargo & Co. kept Chief Executive Officer Charlie Scharfs pay at $24.5 million for 2022, a year in which both profit and stock tumbled and the bank continued to 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. The formation of this group was part of the companys February 2020 organizational announcement. 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. The list is long and includes Heidi Miller, Jay Fishman, Jay Mandelbaum, Charlie Scharf, Bob Lipp, Karen Parkhill, Linda Bammann, Jim Boshart, and Mike His experience, knowledge, and energy will be welcome as we continue our transformation, said Scharf. Black has served as co-CEO of Bregal Investments, a private equity firm, since September 2012. 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. 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.. 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. 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.. Heller joins from Santander US, where he was chief of staff to the CEO and head of transformation. We recognize that what we want and what regulators want are not different. With Amy, he is the father of two daughters. 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